Published 21 September 2026 | By FJP Investment Editorial Team

The number of homes available to buy has reached a 12-year high, while buyer enquiries are 9% lower than a year ago—creating an increasingly competitive UK property market in which sellers can no longer rely on ambitious asking prices.

The latest Rightmove House Price Index reveals a striking contrast between improving seller confidence and the more challenging conditions beneath the headline figures.

The average asking price of a newly listed property increased by 0.7%, or £2,441, in September to reach £367,440. This was the first monthly increase since May and slightly exceeded the average September rise recorded over the previous decade.

However, asking prices remain 0.8% lower than a year ago and 2.3% below their level at the beginning of the summer.

With more properties competing for fewer buyer enquiries, the balance of power appears to be shifting further towards purchasers in many parts of the market.

What does the latest Rightmove data show?

Rightmove recorded a 0.7% monthly increase in the average asking price of properties newly entering the market.

That was stronger than the average September increase of 0.5% recorded over the past ten years and followed three consecutive monthly falls.

The principal figures are:

• The average new asking price increased to £367,440;
• Monthly asking prices rose by 0.7%;
• Prices remained 0.8% lower than in September 2025;
• The number of available properties reached a 12-year high for this time of year;
• Buyer enquiries were 9% lower than a year ago; and
• The average two-year fixed mortgage rate increased from 5.09% to 5.29%.

The figures cover properties marketed across Great Britain rather than Northern Ireland.

They also measure sellers’ asking prices when homes are first advertised. They do not record the prices at which completed transactions eventually take place.

Is the UK housing market recovering?

September’s price increase may suggest that some sellers are regaining confidence after a particularly subdued summer.

However, one monthly rise in asking prices does not establish that the wider housing market has entered a sustained recovery.

Rightmove itself described the movement as a modest improvement rather than a major turning point. Average asking prices remain lower than both last year and the beginning of the summer.

The increase may also reflect a familiar seasonal pattern. September normally brings renewed activity as buyers and sellers return from summer holidays and reconsider their moving plans before the end of the year.

The more significant question is whether those higher asking prices translate into agreed sales.

A seller can advertise a property at any price. Its eventual market value depends upon whether a willing purchaser is prepared and able to proceed.

More homes are competing for fewer buyers

The most important finding may be the amount of choice now available to purchasers.

The number of homes on the market is at its highest level for this time of year in 12 years. Rightmove recorded an average of 65 properties per estate-agency branch in its latest stock data, including properties already under offer or sold subject to contract.

At the same time, buyer enquiries are 9% lower than they were a year ago.

That combination matters because it changes the competitive position of sellers.

When stock is limited and demand is strong, buyers may feel pressure to act quickly or compete against several other offers. When supply is plentiful, purchasers can compare more properties, reject homes that appear overpriced and negotiate more firmly.

This does not mean every buyer can secure a substantial discount. Attractive homes in desirable locations can still sell quickly, particularly when they enter the market at a realistic price.

It does mean that sellers face a greater risk of being overlooked if their property is poorly presented or priced above comparable alternatives.

Correct pricing is becoming increasingly important

Rightmove reports that 74% of homes sold so far during 2026 were priced correctly from the beginning and did not require a subsequent reduction in the asking price.

That does not mean 74% of all listed properties have sold. It means that, among homes which did secure a buyer, almost three quarters achieved that outcome without first having to reduce their advertised price.

This distinction reinforces the importance of the original valuation.

An unrealistic asking price can cause a property to lose momentum during the first few weeks of marketing. Buyers may question why it has remained available for an extended period, while competing properties continue to enter the market.

A later price reduction can help, but it may not recreate the attention generated when a home is initially listed.

In a crowded market, the strongest position may therefore belong to sellers who price according to current local evidence rather than historic expectations.

Scotland and London reveal two very different markets

The national figures conceal exceptionally large regional differences.

Rightmove estimates that 91% of homes entering the market in Scotland are successfully finding a buyer. The corresponding figure in North West England is 71%.

In the South East, approximately 56% of homes are finding a buyer, while the proportion falls to just 42% in London.

Affordability is likely to be an important part of this divide. Buyers in more expensive markets must normally provide larger deposits, borrow more and pass stricter affordability assessments.

London sellers also face substantial competition and a greater mismatch between the price expectations of owners and the budgets of potential purchasers.

These variations demonstrate why a national average cannot describe the investment prospects of an individual property.

Local employment, transport, schools, rental demand, available stock, service charges and the supply of comparable homes can produce very different outcomes within the same national market.

Higher mortgage rates are limiting buyer budgets

Buyer choice has increased, but affordability remains under pressure.

Rightmove’s mortgage data shows that the average two-year fixed rate has increased from 5.09% to 5.29% over the past month.

Even a relatively small rate increase can materially affect monthly payments when applied to a large mortgage. It can also reduce the maximum amount a buyer is able or willing to borrow.

This follows the recent increase in market borrowing costs examined in FJP Investment’s report on UK borrowing costs reaching a 19-year high.

Mortgage rates offered to individual borrowers will vary according to the deposit, loan-to-value ratio, credit profile, product term and lender criteria. The market average is therefore not a quotation available to every purchaser.

Nevertheless, higher financing costs help explain why buyer enquiries can remain subdued even when more properties are available.

What does this mean for property buyers?

For buyers who have their finances arranged, the present market may offer more time and choice than a highly competitive sellers’ market.

Purchasers can compare similar properties, examine how long a home has been listed and investigate whether its asking price has previously been reduced.

They may also be in a stronger position to negotiate when a seller has already found another property, needs certainty over timing or has received limited interest.

However, greater negotiating power should not replace proper due diligence.

The condition of the property, comparable completed sales, tenure, service charges, planned major works, energy efficiency and the local market remain more important than securing a headline discount from an inflated asking price.

A property advertised at £400,000 and purchased for £380,000 is not automatically better value than a comparable property priced correctly at £370,000.

What does this mean for property investors?

For investors, increased housing supply may create opportunities to negotiate, but the investment case must still work using realistic income and cost assumptions.

Achievable rent, occupancy, mortgage payments, taxation, management fees, maintenance, insurance, service charges and future capital expenditure should all be considered.

Investors should also distinguish between asking prices, agreed prices and completed-sale prices.

Rightmove’s September index measures the price expectations of new sellers. It does not show that completed UK property values increased by 0.7% during the month.

This is particularly important when comparing the report with mortgage-lender indices or official transaction data. As FJP Investment’s analysis of Nationwide’s August house-price figures explained, different indices measure different stages and sections of the property market.

A high level of available stock can give investors more choice, but it may also indicate that some owners are struggling to sell at their desired price.

What should overseas investors consider?

International purchasers may benefit from a market in which sellers are competing more actively for buyers, particularly if they can proceed without relying upon the sale of another UK property.

However, being an overseas or cash buyer does not guarantee that every seller will accept a lower offer.

Currency movements can also affect the real acquisition cost. A property whose sterling price remains unchanged may become more or less expensive when measured in euros, dollars or another home currency.

Overseas investors must additionally consider UK taxation, ownership structure, financing availability, property management and the practical cost of maintaining an asset from another country.

The prospect of renewed buyer support through a future housing scheme may also affect parts of the new-build sector. However, as our recent examination of whether Help to Buy could return made clear, no replacement programme has currently been announced.

What happens next?

The autumn market will reveal whether September’s increase in asking prices develops into a broader improvement in activity or proves to be a temporary seasonal movement.

The most useful indicators will include buyer enquiries, agreed sales, mortgage approvals, the time required to secure a buyer and the number of properties undergoing price reductions.

Mortgage pricing will also remain critical. A sustained reduction in borrowing costs could improve affordability and bring more purchasers back into the market. Further rate increases could have the opposite effect.

Regional performance is likely to remain uneven.

Areas with more affordable prices, constrained supply and strong employment may continue to perform differently from expensive markets where buyers have considerable choice.

Final thoughts

September’s 0.7% asking-price increase provides some evidence that seller confidence has improved following a quiet summer.

But the more revealing figures sit beneath that headline.

Housing supply is at a 12-year high, enquiries are down 9% and annual asking prices remain lower than they were a year ago.

This is not yet evidence of a dramatic property-market recovery. It is a market in which buyers are becoming more selective and sellers must compete more seriously for their attention.

For buyers and investors, increased choice can be valuable. The strongest opportunities are still likely to be identified through property-level analysis rather than assumptions based upon a single national index.

This article is provided for general information and market commentary only. It does not constitute financial, investment, mortgage, property, legal or tax advice or a recommendation to acquire or dispose of any property. FJP Investment acts solely as an introducer and does not provide advice or assess suitability. Property values and rental income can fall as well as rise, and investors could lose some or all of their capital. Appropriate independent professional advice should be obtained where required.