12:06 AM, 27th October 2026, 27 minutes ago
Landlords looking to sell face greater competition for buyers, with 7% more homes on the market than a year ago.
Zoopla’s latest House Price Index shows that 35% of UK homes are in postcode areas where prices are falling.
That proportion has risen from 12% a year earlier.
Meanwhile, the number of sales agreed over the last four weeks was 7% lower than in the same period last year.
Buyers negotiate on price
Richard Donnell, the platform’s executive director, said: “The extra cost of mortgages has made home buyers more selective while greater choice of homes for sale has increased the scope to negotiate on price.
“The impact is being felt by sellers in southern England where house price falls are most concentrated as average prices continue to rise across the rest of the country.”
He added: “There is still demand to buy homes, and those that are well priced and presented are selling just as quickly as last year.
“Getting the price right from the start is essential.”
House price regional divide
Across London and the South East, 85% of homes are in postcode areas recording price falls.
The figure is three quarters in the Eastern region and 42% in the South West.
However, average home values in the North West have risen by £6,600 over the past year, an increase of 3.2%.
Prices are up by more than 4% in the Liverpool, Carlisle and Kilmarnock postcode areas.
Asking prices affect sales
Sellers are finding that homes take 44 days to find a buyer, which is unchanged from a year ago.
For properties listed between April and June, 41% were advertised at least 5% below their estimated value found a buyer within 90 days, compared with 26% priced at least 20% above it.
However, Zoopla says that cutting the asking price later did not guarantee a sale.
Just 19% of homes whose prices were reduced sold within 90 days, against 41% of those without a reduction.
Property sector reaction to Zoopla’s house price index
Tom Bill, Knight Frank‘s head of UK residential research, said: “Sellers increasingly need to reflect the tougher mortgage rate landscape when setting asking prices.
“Buyers’ budgets are being squeezed as the Middle East conflict sends borrowing costs higher, but the overall number of mortgage approvals has also fallen, which has weakened demand further.”
He added: “Price growth has effectively ground to a halt this year and we expect the downward pressure to continue in the final months of the year, which may be aggravated by this week’s Budget.”
Propertymark‘s chief executive, Nathan Emerson, said: “The housing market is becoming increasingly localised, with higher mortgage costs putting pressure on affordability, particularly in southern England.
“While increased choice is giving buyers greater scope to negotiate, realistic pricing and informed advice from property professionals remain essential to achieving successful sales.”
He added: “Despite regional price falls, demand remains, but buyers are increasingly selective and focused on value.
“Ultimately, market confidence will depend on improved affordability, access to suitable housing and the ability of buyers and sellers to move with confidence.”
