The higher-than-usual decline was attributed to a decade-high high number of homes for sale as well as a Budget hiatus.

Additionally, Rightmove noted that asking price reductions of homes already on the market were at their highest level since February 2024, as sellers tried to tempt bargain-hunting buyers.

The HPI continued that Budget rumours, such as property tax increases were also causing uncertainty, with sales agreed for £2m-plus homes down 13% year-on-year and homes priced between £500,000 and £2m seeing sales agreed drop by 8% year-on-year.

However, the under £500,000 market has been less impacted with sales agreed down by 4% from this time last year, and despite these downward trends across the month of October the year to date still shows the number of sales being agreed at 4% above the same period in 2024, said Rightmove.

•   Bridging & Commercial X Allica Bank — The £65bn SME credit gap
•   Average asking price rises 1.4% to a record high in April
•   Do not let temporary blips in the commercial property market cloud your vision

Colleen Babcock, property expert at Rightmove, commented:
“The decade-high number of homes available on the market continues to restrict price growth, with many new sellers keen to avoid standing out by over-pricing compared with their competition. 

“The Budget is a big distraction, and is later in the year than usual, with many would-be buyers waiting to see how their finances will be impacted.

“It appears that the usual lull we’d see around Christmas time has arrived early this year, and sellers who are keen to move are having to work especially hard to entice buyers with competitive pricing.

“Rumours of the contents of the forthcoming Budget are affecting the market, as we’re seeing a greater hesitation in sales activity, especially at the upper end, which has been the focus of most of the discussion.”