Rightmove October 2026: prices up 1%, but 1 in 3 homes cut

ValuQ Market Pulse: Rightmove's House Price Index measures the asking prices of homes newly put on the market across Great Britain. It is a guide to what sellers are asking, not what buyers finally pay.

What did Rightmove report for October 2026?

The average asking price of a newly listed home rose by 1.0%, or £3,575, to £371,015. A rise in October is normal for the time of year, and this one leaves prices 0.1% below October 2025.

Why are so many sellers cutting their price?

There are more homes for sale than at any time of year since 2014, and fewer buyers are making enquiries. When buyers have plenty of choice, a home priced above its neighbours gets skipped rather than haggled over.

Mortgage costs are the other half of the story. Rightmove says the rise in its average two-year fixed rate from 4.25% before February to 5.55% adds about £250 a month to a typical new mortgage, and Moneyfacts puts the average two-year fix at 5.93% in October. The two figures differ because they measure different sets of deals, but both point the same way.

A price cut is a second launch with less attention than the first. The listing that is priced right on day one usually sells sooner and for more.

How much does starting too high cost a seller?

Time is the first cost. Rightmove's figures show homes that needed a reduction took 119 days to find a buyer, three times the 39 days for homes that sold without one.

The second cost is the cut itself, which averaged almost 7% in September. On a home asking £371,015, that is roughly £26,000; on Rightmove's typically priced home it was about £21,000.

• A price reduction is a lower asking price set after a home has been listed, usually because viewings or offers have not come.
• Rightmove notes that some buyers start asking questions about a reduced home, even when there is nothing wrong with it.
• Sprift's September 2026 data shows 39.3% of homes for sale had at least one price cut by the end of the month.

Which regions moved most in October?

London bounced 2.5% after falling 6% across July and August, but 38% of London homes have had a cut. The North East and Scotland fell most this month, though both remain higher than a year ago.

What does this mean if I am thinking of selling?

It means the work you do before you list is worth more than usual. The goal is a first asking price that today's buyers, on today's mortgage rates, will take seriously in the first few weeks.

1. Get more than one valuation, and ask each agent which recent sales nearby support their figure.
2. Treat the highest figure with the most care: a price the market will not pay leads to the 119-day path, not a higher sale.
3. Agree in advance when the price will be reviewed if viewings are slow, so a change is a plan rather than a reaction.
4. Work out your net proceeds at a realistic price before you choose a moving budget.

ValuQ gives UK homeowners free, side-by-side property valuations from competing local estate agents. Seeing what competing agents say, side by side, is the quickest way to find the price that will hold before you commit to any of them.

What happens next?

The Budget is due on 28 October and the Bank of England's next rate decision is on 5 November. Either could move mortgage pricing again, so check the latest figures before you set a price rather than relying on a valuation from months ago.