More buyers are looking, but conditions still favour the prepared
Confidence is returning to the property market. Zoopla's August 2026 House Price Index recorded buyer searches running 7% higher than the same point last year, a meaningful shift after two years of hesitation. That does not mean the market is suddenly easy. Mortgage rates remain above the lows of 2021, and a patchy geopolitical backdrop has kept some buyers on the fence. But for those who are ready to act, autumn 2026 offers a combination of circumstances that has not come together for some time.
Stock is at a 12-year high: that matters for you
The most underreported story in the current market is supply. The number of homes listed for sale is at its highest level since 2014. That gives you genuine choice, which was almost impossible to find in 2021 and 2022 when properties sold in days and sealed bids were routine.
More stock means sellers have to compete for your attention rather than the other way around. Homes that are overpriced are sitting on the market. Price reductions are more common. Vendors are more willing to negotiate on price, fixtures, or completion timelines. If you find a property you like, you are in a far stronger position to have a sensible conversation than you would have been three years ago.
Where prices are moving: a regional picture
Nationally, price growth is modest, but the regional picture is varied. Prices in the South East are down around 0.3% year-on-year, and London has seen a 1% fall over the same period. For buyers targeting these markets, that softening represents a real improvement in affordability compared with the peak.
Scotland and Wales are a different story, with stronger growth reflecting different supply dynamics and local demand. If you are flexible on location, or looking outside southern England, factor this into your thinking. Values in those markets are moving in the other direction, so waiting may cost you more.
The mortgage rate picture
Higher mortgage rates have cut buying power by roughly 9% compared with the low-rate era, and that is a genuine headwind. Five-year fixed rates have, though, edged down to around 4.92% from the peaks seen in 2023. Lenders are competing actively on deals, particularly for borrowers with a deposit of 20% or more.
That competition matters. It means brokers can often find better terms than the headline rates suggest. A difference of 0.2% or 0.3% on a rate can translate to a meaningful saving over a five-year fix, so it is worth speaking to a whole-of-market broker rather than going directly to your current bank. Do not take the first offer you see.
The October Budget and why waiting has its own cost
There is talk of potential changes to stamp duty thresholds or other property-related measures in the autumn Budget. Nobody knows what will or will not be announced. But treating an uncertain Budget as a reason to pause indefinitely is a decision in itself, and it carries risk.
If you wait for absolute certainty, the supply window may narrow, rates may shift, or a property you want may go to someone else. Markets do not hold still while you wait for perfect conditions. If you are financially ready and have found something suitable, the cost of waiting often outweighs the potential benefit of a policy change that may not materialise. Speak to your solicitor about how any Budget changes could affect your position before assuming the worst.
Practical steps to take now
Being prepared is what separates buyers who succeed in this market from those who miss out. Here is what to do before you start viewing seriously:
- Get a mortgage agreement in principle. This is a lender's written indication of how much they will lend you, based on a credit check and your income. It costs nothing and signals to agents and sellers that you are a credible buyer.
- Instruct a solicitor early. Property transactions slow down when legal work starts late. Find a conveyancing solicitor before you make an offer, not after. Ask them about their current caseload and average completion times.
- Know your must-haves from your nice-to-haves. With more stock available, it is tempting to keep looking. Being clear on your priorities stops you dithering when the right property appears.
- Be ready to move quickly. Sellers still favour buyers who can proceed without delay. If you are in a chain, make sure your own sale is progressing before you make an offer.
Questions to ask your agent
When you view a property, ask the agent directly: how long has this been on the market, and has the price been reduced since it was listed? A home that has been available for more than eight to ten weeks without a sale is often one where the seller has room to move on price. A reduction already made tells you the original asking price was not landing with buyers.
Ask also whether there have been any previous sales that fell through, and if so, why. A collapsed sale is not always a red flag, but it is information you deserve before you commit.
Our team at Cooke and Co can give you a straight answer on any of these points for properties we are marketing. Get in touch to talk through what is available and what represents genuine value in the current market.
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