MHHG estate agents

• The average price of properties listed rose by 0.9% in October

The average price of properties listed rose by 0.9% (+£3,398) to a new record of £371,158 this month as the shortage of properties for sale continues to support prices. Although the political turmoil of recent weeks and instability in the financial markets have exacerbated the rising cost of loaning, with mortgage rates soaring above 6%, mortgage rates will not affect property prices in the near term at this time.

• Overall property purchase demand has fallen 15%, but still higher than 2019

Understandably, the rapid rise in average mortgage rates has caused some potential buyers to pause their plans and wait to see how the next few weeks and months will unfold. Overall demand has fallen 15% over the past two weeks compared to the same period last year but is still 20% higher than a more normal market for 2019.

• First-time homebuyers are affected the most

First-time buyers have been affected the most. The demand of first-time buyers was down 21% over the past two weeks compared to the same period last year, but still 24% higher compared to a more normal market in 2019.

But while this disruption has affected some potential buyers as they wait for a more stable property market, those who have determined to buy haven't lost their resolve. In the two weeks since the mini-budget, there was only 3.1% of sales fallen, which is in line with the 3.0% in the same two weeks of 2019. According to the report, those who managed to secure a mortgage at a lower rate are eager to complete their purchase before the lower rate offer expires.

• General UK property market trends

Property Price Chart

According to the chart above, Property prices generally trended upward in October, up 7.8% year-over-year, with the highest price growth in the top ladder market.

• UK property market trends by region

The following are the regional market trends for property in the UK, with areas of increasing house prices in green and decreasing house prices in red.

Regional market trends

According to the chart above, there is a significant decline in house prices in the northwest region of the UK. The property price in the area of Castlefield/ Bamford/Didsbury/Broadbottom/ Romiley/ Bramhall/ Whitefield/ Prestwich has been declined.