Property Market Update | November 2025
Prices are edging up (slowly), mortgage approvals are improving, asking prices are behaving more cautiously than usual for autumn, and the rental market is cooling from last year’s extremes, but remains stretched in many areas. Policy change is also back on the agenda, with the Renters’ Rights Act now law and an Autumn Budget due on 26 November.
The quick snapshot
House prices: Nationwide reports prices rose 0.3% month-on-month in October, with annual growth up to 2.4%.
Alternative lens: Halifax’s September index showed a -0.3% monthly dip and +1.3% annual growth, underlining a broadly flat market that varies by region.
Official stats: The ONS’s latest bulletin shows UK house price inflation at 2.8% in the year to July (provisional), with average prices at £270,000.
Asking prices: Rightmove says October asking prices rose 0.3%—well below the typical October “bounce” of ~1.1%—as higher stock limits seller pricing power.
Mortgages: Approvals rose to ~65,900 in September, a 2025 high so far, hinting at firmer activity into year-end.
Interest rates: Bank Rate is 4.00% today, following a series of trims since late 2024; markets are split on another cut this Thursday.
Rentals: ONS shows private rents up 5.7% year-on-year (all tenancies) while Zoopla’s “new lets” measure has cooled to +2.4%—the slowest in four years.
Policy watch: The Renters’ Rights Act 2025 received Royal Assent on 27 October, abolishing Section 21 “no-fault” evictions once commenced (timings still to be set).
Prices: a modest up-drift, but not a surge
October’s Nationwide read (+0.3% m/m; +2.4% y/y) suggests gentle forward motion, consistent with improving approvals and slightly easier borrowing costs. Halifax’s September snapshot (-0.3% m/m; +1.3% y/y) tempers the story: on the ground, momentum is uneven and close to flat in parts of the South. Take the two together and you get a market that’s neither booming nor busting, creeping rather than racing.
At the official level, the ONS (which lags) shows 2.8% annual growth to July and average UK prices around £270k. Methodological tweaks introduced in August should reduce revisions to early estimates, so the next releases will be worth watching as they catch up with autumn conditions.
Asking prices and time to sell: the “autumn bounce” that wasn’t
Rightmove’s October index shows asking prices up 0.3% month-on-month—well under the usual seasonal lift—because there’s simply more stock on the market, which dilutes seller leverage. Zoopla also flags a cooler pipeline: buyer demand down ~8% and new sales agreed down ~3% in the four weeks to 19 October, with the seasonal slowdown arriving 6–8 weeks earlier than normal amid Budget jitters.
Speed-wise, Zoopla estimates the average time to secure a sale at ~37 days, about 10% slower than a year ago—still relatively brisk by pre-pandemic standards but a reset from 2021–22’s frenzy. Expect more price-sensitive buyers and a premium on homes that are turnkey and well-presented.
Negotiation remains part of the script: recent analysis suggests final sale prices averaging ~4.5% below asking (≈£16k), though this varies sharply by region, price bracket and condition.
Mortgages and the Bank Rate: a little looser, not loose
The Bank Rate sits at 4.00%, down from its 5.25% peak after sequential cuts through 2024–25. That’s helped ease fixed-rate mortgage pricing and, crucially, lift approvals to ~65.9k in September, the strongest monthly figure this year. Thursday’s decision (6 November) is finely poised; consensus expects a hold at 4%, with a minority looking for a 25bp trim as inflation hovers around 3.8%. Either way, the near-term path is “lower, but not low”.
What this means for movers: if you’ve been waiting for 3-handle mortgage rates to return en masse, remember affordability is now more about income growth catching up and sensible pricing than a dramatic rate reset. Locking a competitive fix when you find the right home can beat trying to perfectly time the MPC.
Regional picture: the North and devolved nations still out in front
The softer South/more resilient North pattern persists. Halifax highlights Northern Ireland leading annual growth, with more buoyant conditions where average prices remain under national norms. Meanwhile, larger southern markets face greater stock, higher absolute prices and tighter affordability, which is capping gains.
Rentals: cooling growth, but affordability still tight
Two different measures tell the story. The ONS “all tenancies” index shows rents up 5.7% y/y (to August), reflecting renewals as well as new contracts. Zoopla’s “new lets” series—more reactive to current conditions, has slowed to +2.4% y/y, the weakest in four years. Net-net: renters are getting a little more breathing room than in 2023–24, but supply remains constrained and competition in many city markets is still intense.
Policy watch: Renters’ Rights Act and Budget nerves
The Renters’ Rights Act 2025 is now on the statute book (Royal Assent 27 October). It abolishes Section 21 and moves the sector to periodic tenancies, but commencement isn’t immediate—secondary legislation and lead-in periods are expected. Landlords should plan ahead on processes, grounds, and property standards; tenants gain greater security once the reforms switch on.
Overlaying this is the Autumn Budget on 26 November. Speculation about property-related tax reforms (from stamp duty tweaks to alternative levies at higher price points) has contributed to a “wait-and-see” stance, especially above £500k. We’ll know more in a few weeks, but for now it’s introducing a touch of caution into higher-value brackets.
What buyers, sellers and landlords can do now
For buyers
Be price-led, not rate-led. With approvals rising but asking-price growth muted, the leverage sits with well-prepared buyers who can move decisively and show funds/mortgage in principle.
Focus on fundamentals. Homes that are energy-efficient, well-located and turnkey still attract competitive interest—pay a fair price for the right one rather than chasing a marginally lower rate.
For sellers
Price for today’s market. October didn’t deliver a classic autumn bounce; over-pricing risks stagnation and larger reductions later. Start at a sensible guide to protect time on market and negotiation outcomes.
Presentation still pays. With more stock available, staging, photography and kerb appeal are back to being decisive differentiators. (Nationwide’s analysis continues to show strong value-add from quality improvements.)
For landlords
Plan for the Renters’ Rights Act. Audit tenancy docs, notice processes and compliance now so you’re ready for Section 21’s abolition once commencement dates are confirmed. Consider the balance between void risk vs rent uplift if your tenant mix is stable.
Watch local rental momentum. “New let” inflation is easing; retention and quality upgrades may beat chasing top-of-market rents.
Maison Partnership’s take
The UK market is stable-to-firmer, not roaring. We expect gradual price gains into early 2026 if mortgage pricing continues to edge down and incomes keep rising, but the Budget outcome and the pace of Bank Rate moves will set the tone for Q1. For sellers, correct pricing and standout presentation remain the winning combination. For buyers, pre-approval plus pragmatism is your edge. For landlords, prepare early for the new tenancy regime.
