UK Housing Market Report: November 2026
House prices, rents, mortgage rates, auctions and the wider economy
Dominic Farrell, property investor, author and property mentor. Published by Distressed Assets.
Data cutoff 9 November 2026. Each figure carries its own observation period because sources report on different dates.
The verdict
Bank Rate rose. More auction lots went unsold than a year ago.
4.00% Bank Rate. The Bank of England raised it from 3.75% in its decision published on 5 November, the first increase since August 2023.
53,400 mortgage approvals for house purchase in September. The lowest since December 2023, according to the Bank of England.
65.9% of UK auction lots sold in September. This compares with 71.4% a year earlier. Essential Information Group (EIG) covers residential and commercial lots.
Farrell’s View
The Bank of England raised Bank Rate to 4% and its November projections put inflation near 5% by the middle of 2027. Buyers had already become more cautious before the decision, with fewer sales agreed than last year and more homes left on the market.
Formal distressed sales are still low in the official figures. The opportunity today is the seller who needs certainty. I would price every deal at today’s borrowing costs with no allowance for a rate cut, and test higher rates if borrowing on a variable rate.
The market on one page
Latest, previous and year earlier readings. Previous means the prior month or quarter. For swaps, the comparisons are 7 October 2026 and 5 November 2025.
Indicator | Latest | Previous | Year ago |
GB asking price · Rightmove, Oct | £371,015 | £367,440 | £371,422 |
UK completed price growth · UK HPI, Aug | +0.9% | +1.4% | +3.0% |
House purchase approvals · BoE, Sep | 53,400 | 54,800 | 66,300 |
Completed sales · HMRC, Sep | 94,800 | 95,300 | 98,380 |
Average UK private rent · ONS, Sep | £1,406 | £1,400 | £1,354 |
Average void · Goodlord, Oct | 28 days | 20 days | 21 days |
Bank Rate · BoE, 5 Nov | 4.00% | 3.75% | 4.00% |
Two year swap rate · 6 Nov | 4.56% | 4.58% | 3.47% |
Five year swap rate · 6 Nov | 4.61% | 4.76% | 3.66% |
Average monthly bridging rate · Q2 | 0.81% | 0.82% | 0.81% |
CPI inflation · ONS, Sep | 3.5% | 3.1% | 3.8% |
Unemployment · ONS, Jun to Aug | 4.7% | 4.8% | 4.8% |
Homeowner mortgages in arrears · UK Finance, Q2 | 77,940 | 79,110 | 87,380 |
Homeowner repossessions · UK Finance, Q2 | 1,150 | 1,250 | 1,340 |
Buy to let repossessions · UK Finance, Q2 | 630 | 810 | 790 |
Personal insolvencies · England and Wales, Sep | 11,894 | 11,684 | 10,952 |
UK auction lots offered · EIG, Sep | 4,903 | 1,789 | 4,637 |
UK auction lots sold, share · EIG, Sep | 65.9% | 60.6% | 71.4% |
The completed price row uses first published estimates. The August auction calendar is seasonally quieter, so September’s year on year comparison is more informative. September mortgage approvals use the latest available release and its revised August comparison.
UK house prices and sales
Rightmove recorded a Great Britain asking price of £371,015 in October, up 1.0% on the month and down 0.1% on the year. The provisional UK House Price Index put the average completed price at £273,000 in August, up 0.3% on the month and 0.9% on the year. July annual growth was revised to 1.2% from 1.4%.
The other indices cover different homes, lenders and stages of a sale. Zoopla reported £273,100 in September, up 0.8% annually. Nationwide reported £273,566 in October, up 0.5%. Lloyds reported £296,285 in October, down 1.2%.
From listing to completion
Measure | Latest reading |
Homes for sale · Zoopla, four weeks to 18 Oct | +7% on the year |
New buyer enquiries · RICS, Sep | −22 net balance, versus −18 in August |
Sales agreed · Zoopla, four weeks to 18 Oct | −7% on the year |
Mortgage approvals for purchase · BoE, Sep | 53,400, versus a six month average of 58,800 |
Completed sales · HMRC, Sep, provisional | 94,800, down 4% on the year |
Approvals and completions are seasonally adjusted. A RICS net balance is the share of surveyors reporting a rise minus the share reporting a fall.
Among homes with an agreed sale, Zoopla reported 19 days from listing to agreement in Scotland, 44 days in the UK and 56 in London. UK flat prices fell 2.0% year on year while detached house prices rose 1.4%. Zoopla reported that 35% of homes were in postcode areas where prices were falling, up from 12% a year earlier.
Rightmove figures reported on 19 October showed that 34% of listings had had a price reduction. In a separate Zoopla study, 19% of reduced listings from April to June agreed a sale within 90 days, compared with 41% of those that held their price. Use completed sales to judge an individual property’s value.
How prices and rents vary across the UK
Annual changes. Prices are from Zoopla’s September index. Rents are from the ONS for September, with the Northern Ireland exception below.
Area | Prices | Rents |
United Kingdom | +0.8% | +3.8% |
England | Not published by Zoopla | +4.0% |
Northern Ireland | +5.8% | +1.7% |
Scotland | +2.5% | +0.7% |
Wales | +2.0% | +4.1% |
East Midlands | +1.0% | +3.8% |
East of England | −0.5% | +3.8% |
London | −1.0% | +3.5% |
North East | +2.4% | +5.3% |
North West | +3.2% | +5.7% |
South East | −0.6% | +3.5% |
South West | −0.4% | +4.2% |
West Midlands | +1.5% | +4.4% |
Yorkshire and The Humber | +1.3% | +4.8% |
Northern Ireland’s rent figure is for advertised new lets in July. The ONS also notes differences in collection in Scotland. The official UK HPI put England’s annual price change at +0.4% in August.
London’s lower sale prices coincided with rising rents. In Scotland, house prices outpaced rent growth. Use recent sales and comparable lets to assess an individual property.
UK rents, tenant demand and voids
Advertised rents show what landlords are asking. New let rents track the latest agreed tenancies. The ONS measure also includes existing tenancies.
Rent measure and period | Monthly | Annual change |
Rightmove advertised, outside London · Q3 | £1,418 | +2.4% |
Rightmove advertised, London · Q3 | £2,825 | +3.2% |
Zoopla UK new lets · July | £1,343 | +2.6% |
ONS UK all tenancies · September, provisional | £1,406 | +3.8% |
Rightmove reported 2% fewer available rental homes and 2% fewer renter enquiries year on year in Q3. In September RICS reported a +23 net balance for tenant demand and a negative balance for new landlord instructions.
Goodlord reported a 28 day average gap between tenancies in October, up from 20 in September and 21 a year earlier. Its sample showed 25 days in London, 32 in Yorkshire and The Humber and 34 in Wales. At £1,000 a month, a 28 day void costs about £920 in rent while mortgage and insurance costs continue.
UK rents rose 3.8% annually to September. Great Britain regular pay rose 3.7% in June to August. The figures cover different populations and periods, so use local incomes and rents to assess affordability.
The Budget proposal sets out separate property income tax rates of 24%, 44% and 49% from 6 April 2027 for individuals in England, Wales and Northern Ireland. The Ministry of Justice recorded 23,635 landlord possession claims in England and Wales in April to June, up 6% year on year. Accelerated claims rose 16% to 8,569. The quarter spans the 1 May start of the Renters’ Rights Act changes in England.
Bank Rate, mortgages and the economy
At the meeting ending 4 November, the Monetary Policy Committee voted 8 to 1 to raise Bank Rate from 3.75% to 4.00%. The decision was published on 5 November. Tracker rates usually follow Bank Rate, while lenders set their own standard variable rates. Swap rates help shape fixed mortgage pricing.
Borrowing cost and period | Latest | Comparison |
Bank Rate · 5 Nov | 4.00% | 3.75% previously |
Two year swap · 6 Nov | 4.56% | 4.65% on 29 Oct, 3.47% on 5 Nov 2025 |
Five year swap · 6 Nov | 4.61% | 4.75% on 29 Oct, 3.66% on 5 Nov 2025 |
Effective rate on new mortgages · Sep | 4.63% | 4.60% in August |
Residential two year fix · 7 Nov | 5.39% | 5.43% a week earlier |
Residential five year fix · 7 Nov | 5.36% | 5.38% a week earlier |
Buy to let two year fix · Oct | 4.52% | 4.34% in September |
Quoted fixes are at 75% loan to value. Rightmove’s residential quotes assume a fee of about £999. The buy to let rate is a Bank of England benchmark. Swaps are BlueGamma London closes.
ONS CPI inflation was 3.5% in September, up from 3.1%, against the 2% target. The Bank of England projected inflation near 5% by mid 2027 as higher energy costs feed through. UK unemployment was 4.7% in June to August, versus 4.8% in the previous three months. Great Britain regular pay rose 3.7% annually, with private sector regular pay up 3.0%.
The next Bank Rate decision was scheduled for 17 December. The median respondent in the Bank’s November market survey put Bank Rate at 4.25% by February.
Worked example: a notional buy to let property
A notional property valued at £120,000 and let for £795 a month has a gross yield of 7.95% on £9,540 annual rent. A 75% loan to value interest only mortgage is £90,000.
Monthly, before tax | At 4.52% | At 6.52% |
Scheduled rent | £795.00 | £795.00 |
Management fee at 10% of scheduled rent | −£79.50 | −£79.50 |
Void allowance, one month in twelve | −£66.25 | −£66.25 |
Repairs and insurance allowance at 10% of rent | −£79.50 | −£79.50 |
Mortgage interest | −£339.00 | −£489.00 |
Cash flow before tax and product fees | £230.75 | £80.75 |
Two percentage points more in interest reduce monthly cash flow by £150, or £1,800 a year. The calculation excludes purchase costs. Mortgage interest is loan amount multiplied by the annual rate and divided by 12.
Distressed assets and UK property auction results
Arrears and repossessions fell in the second quarter. In England and Wales, the median time from a mortgage claim to repossession was 49.1 weeks. Personal insolvencies rose year on year in September. Each of these measures covers a different group.
Indicator and period | Latest | Annual change |
Homeowner mortgages in arrears · UK Finance, Q2 | 77,940 | −11% |
Buy to let mortgages in arrears · UK Finance, Q2 | 8,390 | −26% |
Homeowner repossessions · UK Finance, Q2 | 1,150 | −14% |
Buy to let repossessions · UK Finance, Q2 | 630 | −20% |
Mortgage possession claims · Ministry of Justice, Q2 | 5,232 | −20% |
Personal insolvencies · Insolvency Service, Sep | 11,894 | +9% |
Company insolvencies · Insolvency Service, Sep | 1,882 | −5% |
UK Finance covers the UK and counts arrears of 2.5% or more of the mortgage balance. Court and insolvency figures cover England and Wales. September’s personal insolvencies included 671 bankruptcies. More than 250 connected real estate companies entered administration between March and August, affecting the company figures.
Across the UK, EIG’s September figures show 4,903 lots offered, 3,230 sold and £593.7 million raised. The share sold was 65.9%, down from 71.4% a year earlier. Entries rose 5.7%, sales fell 2.5% and the amount raised fell 12.8%.
In the North West, 1,636 lots were offered and 1,055 sold between July and September. The share sold was 64.5%, compared with 72.4% a year earlier, and £144.9 million was raised. Entries fell 0.5%, sales fell 11.4% and the amount raised fell 9.1%.
EIG includes residential and commercial lots. Its North West covers Cheshire, Cumbria, Lancashire, Merseyside and the Isle of Man. The chart in the PDF uses monthly figures as first published. In the three months to September, 3,851 UK lots went unsold, including 581 in the North West.
The average bridging rate was 0.81% a month in Q2. Average loan to value was 55%, loans took 46 days to complete and auction purchases made up 14% of loans.
Read the September 2026 UK Property Auction Market Report · Browse the UK property auction reports archive
What I would do with these numbers
No plan survives contact with the enemy, and any plan built on rate cuts met the enemy on 5 November. Arrears and repossessions fell in the latest quarter. One lot in three went unsold at auction in September. I would check the unsold lists in the areas I know, ask which lots are still available and price each offer from completed comparables and today’s finance costs.
The offer. Check completed comparable sales and ask what the seller needs from an offer.
The finance. Run the figures at a higher borrowing rate before committing. On the notional £120,000 property, a two percentage point rise cuts monthly cash flow before tax and fees from £230.75 to £80.75.
The exit. Zoopla’s 44 day figure is from listing to an agreed sale. Allow time for completion as well. At 0.81% a month, a £100,000 bridge costs £810 per month before fees.
What to watch next
12 November · UK Finance arrears and repossessions. 17 November · Unemployment, pay and insolvencies. 18 November · Inflation, house prices and rents.
27 November · HMRC completed sales for October. 30 November · Bank of England mortgage approvals for October. 17 December · Next Bank Rate decision.
Sources and method
This edition uses data published by 9 November 2026. Each series has its own publication schedule. Official estimates may be revised. ONS data is used under the Open Government Licence v3.0.
Rightmove House Price Index · October 2025 comparison · Rightmove Rental Price Tracker · Rightmove mortgage rates · Zoopla House Price Index · Zoopla Rental Market Report
Nationwide House Price Index · Lloyds House Price Index · HM Land Registry UK House Price Index · ONS private rent and house prices · ONS CPI · ONS labour market · HMRC property transactions
Bank of England policy decision · Monetary Policy Report · Market Participants Survey · Money and Credit · Purchase approvals data · Quoted buy to let rates · BlueGamma SONIA swaps
RICS Residential Market Survey · Goodlord Rental Index · UK Finance arrears and possessions · Ministry of Justice possession statistics · Individual insolvencies · Company insolvencies
EIG October newsletter · EIG September newsletter · Bridging Trends Q2 2026 · Bridging Trends Q2 2025 · Property Industry Eye, 19 October · HMRC property income tax proposal
Learn to use these numbers at property auctions
Join the one day property auction course (£97) in London and LIVE online. Explore the property mentorship programme, listen to The Property Auctions Podcast, or read Property Auctions: Repossessions, Bankruptcies and Bargain Properties, fourth edition.
This report is general market commentary for information only. It is not financial, tax, legal or investment advice, or a recommendation to buy, sell or borrow. Worked examples are illustrations. Take independent professional advice before acting.
