House price growth slows to 0.8%: a guide for buyers and sellers

Anyone planning to move home this autumn is facing a slightly different property market. House price growth has slowed to its lowest rate since December 2025, mortgage rates are rising again and many buyers are waiting to see what the government’s Autumn Budget brings.

For buyers, this may mean more room to negotiate, but it could also mean higher borrowing costs. For sellers, it makes realistic pricing and being ready to move quickly more important than ever. Speaking to our residential conveyancing team early can help keep your transaction on track and reduce the risk of delays or fall-throughs.

What the September figures show

Nationwide published its latest figures on 1 October 2026. Annual growth halved from 1.6% in August to 0.8% in September. The average UK price fell from £275,465 to £274,251. Over the third quarter, prices rose by 0.5% in England and 0.7% in Wales. East Anglia, which includes Norfolk, saw the biggest fall of any UK region. Prices there were down 0.7% on a year ago. Local markets can still vary a lot, so your own area may look quite different.

Mortgage rates are rising again

Moneyfacts reported that the average five-year fixed rate hit 6% on 5 October 2026. That is its highest level in around three years. The average two-year fix reached 5.98% on the same day, before easing slightly. Several big lenders have raised their rates in recent weeks. Mortgage costs can change quickly, so it helps to stay in close touch with your broker.

Buyer caution ahead of the Autumn Budget

The Autumn Budget is due to take place on 28 October 2026, and some buyers may be waiting to see whether any property tax changes are announced. While no changes have been confirmed, uncertainty can sometimes make people more cautious about committing to a move.

You can check today’s rates on the GOV.UK Stamp Duty Land Tax rates page. Stamp Duty Land Tax is usually calculated using the rates in place when your purchase completes, although exceptions and transitional arrangements can apply. If any property-related changes are announced in the Budget, our team can explain what they mean for your move and help you plan accordingly.

House price growth slows: what it means for buyers

If you are buying, a slower market may give you more room to negotiate. This depends on local demand and the property itself. Nationwide says buyers are being careful about price and are not willing to pay over the odds. Higher mortgage rates may also mean you can borrow less than you could in the summer. It is worth checking what you can afford before you make an offer. Here are some steps you can take now.

• Get an up-to-date agreement in principle. This is not a guaranteed mortgage offer, so ask your broker how long any offer will last.
• Base your offer on what similar homes nearby have sold for, rather than on asking prices.
• Budget for Stamp Duty Land Tax at today’s rates. First-time buyers currently pay no SDLT on the first £300,000 of a home costing up to £500,000. Every buyer must be a first-time buyer to qualify.
• Have your deposit ready, along with proof of where the money came from. Your solicitor needs this for anti-money laundering checks.
• Choose a conveyancing solicitor before you start making offers. The legal work can then begin as soon as your offer is accepted.

What a slowing market means for sellers

If you are selling, a realistic asking price matters even more while prices are flat. A home that stays on the market for a long time can attract lower offers later. Buyers are also more cautious right now, so a sale that is ready to go can stand out. These steps can help you prepare.

• Instruct a conveyancing solicitor when you put your home on the market, rather than after you accept an offer.
• Gather your paperwork now. This includes guarantees, building regulations sign-off, planning permissions and window certificates.
• If your home is leasehold, ask the managing agent for the management pack early. It can take several weeks to arrive.
• Reply to questions from the buyer’s solicitor quickly and in full.

How to avoid chain delays and fall-throughs

A property chain is a group of buyers and sellers whose moves depend on each other. If one sale stalls, the whole chain can be held up. In a cautious market, a delay can also give a buyer time to change their mind. In England and Wales, buyers and sellers can usually pull out before contracts are exchanged without having to complete. They may still lose money spent on surveys, searches and legal fees. Separate agreements can also create extra duties. This is why the time between an accepted offer and exchange carries the most risk.

Common causes of delay

Steps to keep your sale or purchase moving

• Instruct your conveyancing solicitor as early as you can.
• Complete your ID and anti-money laundering checks straight away.
• Return your property information forms within a few days.
• Order searches and book surveys quickly.
• Agree a target exchange date with everyone in the chain.
• Stay in regular contact with your estate agent, broker and solicitor.

How early conveyancing instruction helps

Instructing a solicitor early means ID checks, title checks and draft paperwork can be done before you find a buyer. For sellers, the contract pack can then go to the buyer’s solicitor sooner, which may cut delays at the start. Your solicitor also has more time to spot missing documents or legal issues that could hold up the sale. For buyers, searches can be ordered straight away. This gives you a better chance of exchanging before your mortgage offer runs out. Any legal issues also come to light sooner, while there is still time to sort them out or renegotiate.

Whether you’re buying your first home, moving up the property ladder or selling a property, having the right support can make all the difference. Our residential property team is here to guide you through the process, answer your questions and help keep your move on track.

As a Law Society Conveyancing Quality Scheme (CQS) accredited firm, we’re proud to offer a professional, friendly service centred around clear communication and straightforward advice. We’ll keep you informed throughout the transaction and help you navigate any issues that arise along the way.

If you’re planning a move this autumn, we’d be delighted to help. Contact our team for a free, no-obligation conveyancing quote and a chat about your next steps.

Frequently asked questions

Is it a good time to buy a house while price growth is slowing?

Slower price growth may give buyers more room to negotiate. But higher mortgage rates affect how much you can borrow. The right time depends on your finances and plans. It helps to speak to a mortgage broker and a conveyancing solicitor before you make an offer.

How long does conveyancing take in England and Wales?

The national average for a freehold purchase or sale is around 17 weeks from the time a contract pack is issued to completion. This is only an estimate as timings will differ depending on the individual circumstances surrounding the property. Leasehold homes, longer chains, mortgage delays and legal questions can make it take longer.

Can a buyer pull out before exchange of contracts?

Yes. In most home sales, either side can pull out before contracts are exchanged. They may lose money already spent, and separate agreements can still apply. Once contracts are exchanged, the deal is legally binding. Pulling out at that stage can be very costly.

Should I wait for the Autumn Budget before buying or selling?

Nobody knows what will be announced until 28 October 2026. Stamp Duty Land Tax is usually based on the rates in place when your purchase completes. There can be exceptions, and the government may bring in transitional rules. If you instruct a solicitor now, you will be ready to move ahead. You can also get advice on how any changes affect you.

When should I instruct a conveyancing solicitor?

If you are selling, instruct a solicitor when your home goes on the market. If you are buying, instruct one when you are ready to make offers. That way, the legal work can start as soon as an offer is accepted.

This article was produced on the 20th October 2026 for information purposes only and should not be construed or relied upon as specific legal advice.