The UK housing market is losing its usual autumn momentum, with asking prices seeing only a minor rise, according to Rightmove. This adds to signs of uncertainty ahead of Finance Minister Rachel Reeves’ budget in November.

Average asking prices rose just 0.3% in the four weeks to 11 October, well below the typical 1.1% increase for this time of year, and were down 0.1% compared to a year ago.

+0.3% m/m in October

-0.1% y/y

The main cause, says Rightmove, is the impending budget, with potential buyers adopting a “wait and see” approach. This is driven by speculation that the budget may increase the cost of buying or owning property, especially at the higher end of the market in the south of England.

This slowdown is consistent with other industry indicators, such as a recent report from Halifax showing the weakest annual price growth since April 2024.