Rightmove asking prices: cheaper regions fall as mortgage costs bite

What happened

Rightmove asking prices rose 1.0% in October, but the national increase concealed falls in several of Britain’s cheaper housing markets. The portal’s latest index, reported by Estate Agent Today on 18 October 2026, put the average price sought for a newly listed home 0.1% below its level a year earlier. For buyers, the figures describe sellers’ opening expectations rather than completed sale prices.

According to Rightmove, new sellers set lower asking prices in four of the five lowest-priced parts of Britain. The North East recorded a monthly fall of 2.0%, while Scotland saw a decline of 1.9%. The portal linked the reductions in these previously more resilient markets to higher mortgage rates, which are limiting what buyers can afford.

London moved in the opposite direction, with asking prices rising 2.5% over the month, according to Rightmove. That followed a 6.0% decline over the summer, and prices in the capital remained 1.7% below a year earlier. Rightmove cautioned that its other market indicators did not support treating October’s increase as evidence of a wider recovery.

The number of sales agreed was 8% lower than in the comparable period last year, Rightmove said, broadly matching the pattern for the year to date. That measure tracks buyers and sellers reaching agreement, rather than transactions completing. It offers a different perspective from the asking-price index: an increase in advertised prices does not necessarily mean more households are securing a move.

The background

Rightmove’s headline measure concerns homes newly entering the market. It does not show how much every existing listing is advertised for, nor what buyers ultimately pay after negotiations. The distinction matters when comparing this release with other housing reports, because asking prices, mortgage valuations and completed transaction prices measure different stages of the buying process.

The monthly rise and annual fall also answer different questions. Rightmove’s 1.0% figure compares October’s average with the previous month, while the 0.1% decline compares it with a year earlier. Neither figure establishes how the value of a particular home has changed; its location, condition and comparable local sales remain relevant to an individual buying decision.

Mortgage affordability depends on more than the advertised property price. For a repayment mortgage, the interest rate, amount borrowed and repayment term all affect the monthly bill, so a cheaper home does not automatically mean a more affordable purchase. That distinction is also central to the separate reporting on family-home affordability and mortgage rates.

A lower initial asking price is different from a reduction made after a property has spent time on the market. Rightmove’s latest figures concern what new sellers are asking, whereas research on asking-price reductions among concluded listings examines another part of the selling process. The two should not be treated as interchangeable measures of sellers accepting less.

Rightmove also identified uncertainty around the Budget as a factor in household decisions. Its snapshot suggested some first-time buyers might wait for more information about the Your First Home scheme, while others considered the implications for their wider finances. The source report did not give eligibility rules, a launch date or the value of any support under that scheme.

Read moreYour First Home scheme: Bellway forecasts more building but warns buyers may wait

What people are saying

Colleen Babcock, Rightmove’s property expert, said higher mortgage rates were squeezing affordability, but sellers were not all responding in the same way. Some could reduce their expectations, she said, while others needed a particular price to make their onward purchase workable. Those households might therefore choose a longer wait rather than immediately accept a lower offer.

Babcock’s explanation highlights why a weaker market need not produce equal reductions across listings. A seller buying another home must consider both sides of the transaction, not simply the offer received on the current property. For someone in a chain, the scope to agree a sale can depend partly on whether the seller of the next home will also negotiate.

Matt Smith, Rightmove’s mortgage expert, said the outlook was difficult to predict because complex global factors were affecting borrowing costs. He urged movers to focus on the choices available in their own circumstances. Those possibilities included borrowing less, increasing the deposit or negotiating down the onward purchase price so that accepting a lower offer became financially manageable.

Smith presented those choices as options to explore, not as solutions available to every household. A larger deposit requires access to more funds, while reducing borrowing may require a cheaper purchase. The distinction between advertised and agreed prices is relevant here too: Propertymark’s reporting on homes selling below asking price examines negotiation outcomes rather than assuming that every seller will accept a discount.

What happens next

For prospective first-time buyers, further detail on the Your First Home scheme is one development to watch, according to Rightmove’s account of Budget uncertainty. The snapshot does not establish whether any particular buyer would qualify or benefit. Until terms are available, it provides no basis for calculating support or treating it as part of a confirmed purchase budget.

For buyers arranging a mortgage now, Smith’s emphasis on individual circumstances points towards checking the cost of the proposed loan rather than relying on a national price movement. Comparing repayments for different borrowing amounts can show whether a lower offer would make the purchase workable. Any comparison needs to reflect the mortgage terms actually available to that household.

For sellers who also need to buy, the relevant calculation includes the sale proceeds, outstanding mortgage, next purchase price and moving costs. Babcock’s comments suggest that some sellers have less flexibility than their asking price alone might imply. Discussing both the likely sale price and the budget for an onward move can help distinguish an affordable compromise from a shortfall.

Future releases will allow buyers and sellers to see whether the falls Rightmove identified in cheaper markets persist. Its latest snapshot describes conditions in October; it does not establish the eventual full-year outcome. That is separate from Rightmove’s earlier forecast of a possible 2% fall in 2026, which concerned an anticipated result rather than a completed annual measurement.

In London, the next asking-price readings will need to be considered alongside activity rather than in isolation. Rightmove has already warned against interpreting the monthly rebound as a broader recovery. For an individual purchase, evidence from comparable nearby properties and the response to a specific listing will be more directly relevant than assuming that the capital’s average increase applies to every home.

Why this matters

Rightmove’s figures show why buyers and sellers need to distinguish a national asking-price change from the cost of their own move. Lower advertised prices may help negotiations, but higher mortgage rates can still stretch a buyer’s monthly budget. Sellers purchasing another home face a linked calculation: accepting less may only work if they can also reduce their onward costs. The portal’s regional figures underline the importance of checking comparable local homes rather than relying on one national average.