UK house prices rise at slowest pace since 2008 - Rightmove

UK house prices rose in October at the slowest monthly pace for this time of year since the financial crisis of 2008, according to data released on Monday by Rightmove.

House prices were up 0.5% to £368,231, well below the historic norm of 1.4%. On the year, meanwhile, house prices fell 0.8%.

Rightmove said the number of sales agreed was 17% below this time last year, as sellers who are struggling to adjust their price expectations to match current activity levels find that their homes are being left on the shelf.

Tim Bannister, Rightmove’s director of property science, said: "New seller asking prices have seen a rise, as they usually do at this time of year following the summer holiday season. While this year’s much more subdued rise indicates that some new sellers are gradually heeding their agents’ advice to price competitively, agents report that other sellers still need to adjust their expectations on the price that they are likely to achieve in the current post-pandemic, lower-activity market, where six in ten homes are now selling rather than eight in ten.

"In a market that agents describe as the most price-sensitive ever, buyers are likely to be on the look-out for homes that they feel represent excellent value, and to attract one of these motivated buyers, sellers need to price right first time. If similar nearby properties for sale appear overpriced, serious sellers have an opportunity to stand out from the crowd with a more competitive price and attract immediate buyer interest that our research shows significantly increases the likelihood of finding a buyer."