Ten percent fewer buyers made enquiries. Nine percent fewer sales were agreed. And the number of homes for sale has hit a record high. Those three numbers, published by Rightmove on 6 November 2026 and reported by Property Industry Eye, describe a UK housing market that has shifted firmly in favour of buyers, just as mortgage rates have climbed and the Bank of England has raised interest rates again. For anyone about to commission a survey or valuation in November 2026, this data changes the calculation.
Rightmove's trading update, covering the four months to 31 October according to PropertyWire, confirms buyer demand fell 10% and sales agreed dropped 9%. Average asking prices at the end of October were 0.3% lower than a year earlier. Record levels of available stock are pushing those asking prices down further. This article explains what that means for buyers, sellers, lenders and solicitors across the country, and why independent survey and valuation evidence matters more now than it did twelve months ago.
Rightmove's update is unambiguous about the direction of travel. Buyer demand is down 10% and sales agreed are down 9% across the four months to the end of October, as reported by PropertyWire. Average asking prices ended October 0.3% lower than the same point last year. Rightmove attributes part of the softening to record levels of available stock, which gives buyers more choice and less urgency to compete on price.
This is not an isolated data point. Halifax, part of Lloyds, reported on the same day, 6 November, that UK house prices fell 0.6% in October and were 1.2% lower annually, with the average property now valued at £296,285. London saw a sharper annual fall of 3.1%, taking its average to £524,892. Separately, analysis by Chris Watkin published via PropertyWire found 758,000 homes on the market on 1 November, with 13.7% of listings price-reduced during October. Perhaps most striking: only 49.2% of homes that left agents' books in October went on to exchange contracts, with the rest withdrawn unsold, suggesting fall-throughs and renegotiations are becoming more common.
The slowdown is not happening in isolation from borrowing costs. Rightmove notes the average five-year fixed mortgage rate rose from 5% at the end of June to 5.5% by 31 October. Then, on 5 November, the Bank of England raised Bank Rate from 3.75% to 4% in an 8-1 vote. Rightmove has warned this could further weaken affordability, and markets are now pricing in additional rises during 2027.
Savills, in forecasts published on 4 November, expects UK prices to fall a further 1.5% in 2027 before any recovery begins from 2028. Taken together, these signals point to a market where buyers have gained leverage but face higher borrowing costs, a combination that makes accurate, independent property valuation more important, not less.
The slowdown extends beyond resale homes. Rightmove reports that new-home developments on site are down 6% since December 2025, suggesting housebuilders are also responding cautiously to weaker demand. At the same time, the rental market is moving in the opposite direction: rents are 2.9% higher than a year ago, with more enquiries per available rental property.
Mortgage-in-principle submissions through Rightmove are up more than 50%, which may reflect buyers testing affordability before committing, even as actual sales agreed fall. Rightmove has trimmed its 2026 revenue growth guidance to 6-7%, down from 6-8%. Chief executive Johan Svanstrom said: "We are on track to deliver revenue and profit growth within our previous full-year guidance."
A market where buyer demand has fallen 10% and record stock levels are pushing asking prices lower hands buyers something they have not had for some time: genuine negotiating room. With 13.7% of listings already price-reduced, per Chris Watkin's analysis, sellers are visibly adjusting expectations.
But negotiating power only works if it is backed by evidence. A mortgage valuation, arranged by your lender, exists to protect the lender's security on the loan; it is brief and not carried out for your benefit. An independent RICS valuation, instructed by you, gives an impartial opinion of current market value that you can use in negotiations. A RICS Level 2 Home Survey or Level 3 Building Survey goes further, identifying defects, condition issues and likely repairs that can justify a lower offer or a renegotiation after the survey.
Typical reasons to commission independent survey and valuation work in the current market include:
With only around half of homes leaving agents' books reaching exchange, according to Chris Watkin's analysis, fall-throughs and withdrawals are a real cost to sellers in time, money and stress. A pre-sale Level 2 or Level 3 survey, commissioned before marketing, allows sellers to fix issues upfront or price realistically, reducing the chance a buyer's own survey derails the transaction later. In a market with record stock and falling prices, presenting a property with a clean survey history is a genuine competitive advantage.
Falling average asking prices combined with rising mortgage rates increase the risk of down-valuations, where a lender's valuer assesses a property below the agreed sale price. This can delay or collapse transactions. Solicitors handling conveyancing in this climate should expect more renegotiation requests tied to survey findings and should flag early to clients that an independent valuation can clarify disputes between a mortgage valuation and the agreed price.
Rightmove reports asking prices are already 0.3% lower annually and Savills forecasts a further 1.5% fall in UK prices in 2027, with recovery expected from 2028. These are forecasts, not guarantees.
No. A mortgage valuation protects the lender and is typically a brief assessment. A RICS Level 2 or Level 3 survey is commissioned by the buyer and provides a detailed, independent assessment of the property's condition.
Chris Watkin's analysis found only 49.2% of homes leaving agents' books in October reached exchange, with 50.8% withdrawn unsold, which may reflect buyers renegotiating or walking away amid weaker demand and rising mortgage rates.
Bank Rate rose from 3.75% to 4% on 5 November 2026. Rightmove has said this could further weaken affordability, and markets are pricing in more rises during 2027.
Many sellers commission a pre-sale Level 2 or Level 3 survey to identify issues early, reducing the risk of a fall-through later in the process.
The data is consistent: buyer demand is down 10%, sales agreed are down 9%, and record stock is pushing asking prices lower, even as mortgage rates and the Bank of England's rate rise squeeze affordability. Halifax, Chris Watkin and Savills all point to a market that is cooling, with a genuine risk of further price falls into 2027.
In this climate, independent evidence matters. Whether negotiating a lower price, protecting against a down-valuation, or reducing fall-through risk before listing, a RICS-regulated chartered surveyor can provide the clarity a mortgage valuation alone cannot. Survey Merchant connects buyers, owners and solicitors across the UK with RICS-regulated surveyors for Level 2 and Level 3 surveys, independent valuations and party wall advice. Book a survey or valuation with the Survey Merchant Team today to move forward with confidence in this changing market.
Survey Merchant provides vetted RICS surveyors across 100+ UK locations at fixed fees:
→ Level 2 Home Survey (HomeBuyer Report)
→ Level 3 Building Survey (full structural survey)
→ RICS Red Book property valuations
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→ Expert witness surveyors — CPR Part 35 reports for property disputes
