The UK housing market has noticeably cooled this autumn. Fewer people are buying, prices are rising more slowly, and higher mortgage rates are making many people stop and think.
So, is it a good time to buy — or should you wait? Let’s look at the facts.
What Do the Latest Figures Show?
- Nationwide reported annual house price growth of 0.8% in September — half the 1.6% seen in August
- Prices dipped by 0.2% between August and September
- Mortgage approvals for house purchases fell to 54,900 in August, the lowest since December 2023 (Bank of England)
In simple terms: fewer buyers and more caution across the market.
Why Is the Market Slowing?
The main reason is the cost of borrowing. Average fixed mortgage rates have climbed towards 6%, and many buyers have been waiting to see what happens with interest rates. The Autumn Budget left stamp duty unchanged, so there’s no tax reason to hold off.
Could This Be an Opportunity?
For some buyers, yes. A quieter market can mean:
- Less competition for properties
- More room to negotiate on price
- Sellers who are more motivated to agree a sale
What If I’m Selling and Buying?
If you’re moving home, a slower market affects both sides. You might get a little less for your current home, but you may also pay less for your next one. What matters most is the gap between the two — and what your new mortgage will cost.
If you’re currently on a lower fixed rate, ask whether you can “port” it to your new home. This can sometimes help keep part of your borrowing on a lower rate.
Should I Wait for Things to Improve?
Nobody can predict the market with certainty. If you wait, prices might soften further — but mortgage rates could also rise. Trying to time it perfectly rarely works.
The better question is usually: is this the right move for me, and can I comfortably afford it?
Let’s Chat
We can help you work out what you could borrow, what it would cost each month and whether moving now makes sense for you. No pressure — just honest, straightforward advice.
Send us a message or give us a ring — we’re ready when you are.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £750.
Figures quoted are correct at the time of writing (October 2026) and are for information only. This blog does not constitute personal advice.