The Property Market Moves Into Autumn: More Choice for Buyers, More Competition for Sellers

As the summer draws to a close, the property market is presenting a very different picture for sellers and landlords. Sales activity remains subdued, with increased stock giving buyers more choice and putting pressure on asking prices, while the rental market continues to see rents rise as supply remains constrained.

At Rolstons, we believe pricing and presentation are becoming increasingly important. There are buyers in the market, but they have more choice and are understandably taking their time before committing.

For sellers looking to move this autumn, getting the strategy right from the outset could therefore make a significant difference.

Sellers face increasing competition

The average asking price of a newly listed property fell by 2% during August to £364,999, according to Rightmove.

This was the largest August fall since 2018 and noticeably greater than the average 1.3% decline typically recorded at this time of year over the past decade.

One of the main factors appears to be supply. The number of properties available for sale has reached a 12-year high for this time of year, meaning buyers have more homes to choose from and sellers are facing greater competition.

Average asking prices are now around 1% lower than a year ago.

For homeowners, this doesn't necessarily mean that properties cannot achieve good prices. It does, however, reinforce something we regularly discuss with our clients: the market will quickly expose an overly ambitious asking price.

With buyers able to compare more properties, those offering the best combination of price, presentation and location are more likely to attract attention.

A growing North-South divide

The national figures also disguise significant regional differences.

Rightmove's data shows asking prices across northern England were approximately 1.5% higher than a year ago, while prices were down 1.8% across the South and 3.1% in London.

For us in Watford and the surrounding Hertfordshire market, London and the South's performance is particularly relevant.

It means sellers need to be careful about relying on historic comparable sales or what a property might have achieved in a stronger market. Today's buyer is generally more price-conscious and better informed.

House price indices tell a mixed story

Not all major indices point in exactly the same direction.

Nationwide reported that house prices increased by 0.2% in August, taking annual growth from 1.4% to 1.6%. Its average UK property price stood at £275,465.

Lloyds, however, recorded a 0.2% monthly fall to £298,468, following a 0.1% decline in July.

According to its figures, annual house-price growth moved into negative territory for the first time since November 2023, with average prices 0.4% lower than a year earlier.

Lloyds Mortgages Director Andrew Asaam pointed to the impact of inflation, borrowing costs and wider economic uncertainty, while also stressing the importance of putting recent movements into perspective. Average property prices remain around 25% above their level at the end of 2019.

This perhaps sums up the market rather well. We are not seeing dramatic falls in values, but rather a gradual adjustment to higher borrowing costs and changing affordability.

Could autumn bring renewed activity?

There are some tentative reasons for optimism as we move into the autumn market.

Rightmove recorded a 5% increase in buyer demand following the change of Prime Minister on 20 July, although overall buying activity remains around 10% below the level seen a year ago.

Rightmove has also revised its 2026 asking-price forecast. Having previously expected growth of 2%, it now anticipates an outcome somewhere between no change and a 2% fall.

The next few months could therefore be particularly important.

September and October have traditionally been significant months for the housing market as families return from summer holidays and buyers who want to move before Christmas begin focusing on their plans.

For sellers, however, simply putting a property online and waiting for enquiries may not be enough.

At Rolstons, we believe this is a market that rewards realistic pricing, excellent presentation and proactive estate agency – identifying potential buyers, speaking to them directly, following up enquiries and creating momentum around a property.

Rental market continues to strengthen

While the sales market has softened, the rental market is moving in the opposite direction.

The average rent on a newly agreed tenancy rose 0.9% in August to £1,382, according to the HomeLet Rental Index.

That represented the sixth consecutive monthly increase and left rents 4.1% higher than a year ago.

London recorded particularly strong growth, with average rents rising 1.4% in August to £2,238, up 5.1% year on year.

Outside London, rents rose 0.8% during the month and 3.4% year on year.

Substantial regional differences remain, with annual rental growth ranging from 5.2% in the South West to a 1% fall in Wales.

Supply remains the key issue for tenants

Although rental demand has eased from the extraordinary levels recorded immediately following the pandemic, there continues to be a shortage of homes available to rent.

According to Zoopla, rental stock remains approximately 20% to 30% below pre-pandemic levels in every region.

London is proving something of an exception in terms of demand. Zoopla reported a 6% increase in rental demand in the capital, which it linked to higher mortgage costs keeping more people in the rental sector.

For landlords, constrained supply and continued tenant demand mean good-quality, correctly priced properties can remain highly sought after.

What does this mean for Watford homeowners?

The national statistics provide useful context, but property markets are ultimately local.

Two homes only a few streets apart can experience very different levels of demand depending on their condition, asking price, school catchment, proximity to transport and the amount of competing stock available.

That's why we believe local knowledge matters particularly in a changing market.

If you are considering selling this autumn, our advice would be not to automatically chase the highest suggested asking price. Instead, consider the price that will generate genuine buyer interest and give your property the strongest possible launch.

Also, if your home has been on the market for some time without selling, a fresh approach can sometimes make a significant difference. New marketing, a revised strategy, and exposure to a different pool of buyers can help breathe new life into a property buyers may have previously overlooked.

Thinking of selling or letting?

Whether you are considering selling, already on the market, or a landlord reviewing your options, the team at Rolstons Estate Agents would be delighted to offer straightforward advice based on what we are seeing on the ground across Watford and the surrounding areas.

For an up-to-date appraisal of your property and a conversation about the best strategy for the autumn market, contact Rolstons on 01923 775000.