19/10/2026
🏡 THE PROPERTY MARKET – OCTOBER 2026
📊 House prices are rising… or are they?
Rightmove has released its latest House Price Index today, and while the headlines might suggest that house prices are on the up, there's quite a bit more to the story.
As always, I prefer to look beyond the headlines and explain what's actually happening in the property market, particularly for those thinking of buying or selling around March, Chatteris, Wisbech and the surrounding villages.
So, let's look at the facts. 👇
📈 HOUSE PRICES – UP 1% IN OCTOBER
The average asking price of a newly marketed property across Great Britain has risen by 1% this month to £371,015.
Sounds positive, doesn't it?
Well, perhaps. But October traditionally sees asking prices rise as the autumn market gets underway, and the average increase for this time of year is actually 1.3%.
More importantly, asking prices are still 0.1% LOWER than this time last year.
And remember, these are ASKING prices, not necessarily the prices properties are selling for.
There's a rather important difference!
🏘️ MORE PROPERTIES, FEWER BUYERS
This is where things become particularly interesting.
According to Rightmove:
📉 Buyer enquiries are DOWN 9% compared with last year.
📉 Sales agreed are DOWN 8%.
📈 New properties coming to the market are UP 3%.
🏡 The number of properties available for sale is at its highest level for this time of year since 2014.
Put simply, there are more homes competing for the attention of fewer buyers.
And what happens when buyers have more choice?
They become more selective, take their time and negotiate harder.
It's not rocket science!
💷 MORTGAGE RATES ARE MAKING A DIFFERENCE
The average two-year fixed mortgage rate has now reached 5.55%, compared with 5.29% just a month ago.
That might not sound like an enormous difference, but mortgage affordability is a major factor in determining what buyers can realistically spend.
And when buyers' budgets are squeezed, something has to give.
Unfortunately for sellers, that often means their expectations need to change.
📍 WHAT ABOUT OUR PART OF THE WORLD?
The East of England isn't immune to these pressures.
The regional market, which includes Cambridgeshire, is experiencing the same affordability challenges and increased competition affecting much of the country.
Of course, national and regional averages only tell part of the story.
The market in March isn't necessarily the same as Cambridge, and what happens in Wisbech can be quite different from what happens in Chatteris or one of our surrounding villages.
Even within the same town, different types of property can perform very differently.
That's why genuinely understanding the LOCAL market matters.
⏳ THE COST OF GETTING THE PRICE WRONG
Here's one of the most revealing statistics.
Properties that have needed an asking price reduction are taking an average of 119 days to find a buyer.
That's nearly FOUR MONTHS!
And it's something I've been saying for a long time.
The first few weeks of marketing are incredibly important.
That's when your property is fresh to the market, appearing in buyers' searches and attracting its greatest initial attention.
If the asking price is unrealistic, buyers don't necessarily make lower offers.
Quite often, they simply don't arrange a viewing.
They scroll straight past.
And unfortunately, no amount of professional photography, video tours, drone footage or social media advertising can completely overcome an asking price that buyers consider too high.
Those things are all incredibly important, but they need to work alongside the right pricing strategy.
💬 MY VIEW AFTER MORE THAN 30 YEARS IN ESTATE AGENCY
I don't believe we're in a terrible property market.
I believe we're in a challenging, competitive and very price-sensitive market.
There is a difference.
Properties ARE selling. Buyers ARE moving. And there are still people actively looking for their next home.
But buyers have choices, and sellers need to recognise that.
The days of putting a property on the market at an ambitious figure and expecting buyers to queue up are, for the most part, behind us.
And I think one of the biggest mistakes a seller can make is choosing an estate agent simply because they've suggested the highest asking price.
A high valuation might win an instruction.
It doesn't necessarily win a buyer.
The best asking price isn't the highest figure someone is prepared to put on paper. It's the figure that gives your property the strongest opportunity to attract serious buyers and achieve the best possible result.
And sometimes, the best advice an estate agent can give isn't necessarily what a seller wants to hear.
But that's exactly what we're here for.
🔑 THINKING OF MOVING?
Whether you're already on the market and struggling to generate interest, or considering a move before Christmas or during 2027, my advice is simple.
Get good, honest advice. Understand your competition. Be realistic about pricing. And make sure your property is presented and marketed to the highest possible standard.
There are opportunities in this market for both buyers and sellers.
You just need to approach it with your eyes open.
Steve Bowles
Next Level Property 🏡
🏆 ESTAS Gold – Best Estate Agent, East of England 2025 & 2026
🏆 ESTAS Best in County – Cambridgeshire 2025 & 2026
Local. Independent. On your side.
📊 Source: Rightmove House Price Index, October 2026.
