Sellers will have been disappointed by this year’s autumn asking price bounce.
The average price of a property coming to the market increased by 0.3% or £1,165 in October, well below the 10-year average for that month, 1.1%.
A “decade-high” level of property choice is putting downward pressure on price increases, according to Colleen Babcock, a property expert at Rightmove, which collected the data.
“We’ve not got enough pent-up momentum or recent positive sentiment to spur the usual autumn bounce in property prices,” she said.
“Sellers who are serious about selling have had to acknowledge their limited pricing power and moderate their price expectations.”
Speculation that the budget on 26 November may increase the cost of buying or owning a property at the higher end of the market has prompted some movers to put off their purchases until there’s more clarity, she added.
“A great deal of the current hesitation can also be attributed to the upcoming autumn budget,” agreed Marc von Grundherr, director of estate agent Benham and Reeves.
“Once this uncertainty has passed, we expect the market to gather pace.”
The subdued monthly price rise means that asking prices are 0.1% lower annually on average, dragged down by a 1.4% decline in London due to the impact of higher stamp duty rates on more expensive southern regions.
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