The 5 facts hitting the housing market hardest in the last 7 days.
Remember: If you’ve recently rented, bought or sold a home, please report your price to the BestAgent Public House Price Index.
FYI
FYI, BestAgent now has more homes for sale than Rightmove.
5FF 16th October 2026
1. Mortgage rates still climbing, nearly 6% now
Moneyfacts puts the average two-year fix at 5.97%, up from 5.68% a month ago, and the average five-year fix hit 6% this month.
"Five year fixes hitting 6% is in line with what I've been warning would happen this year. Leaving prices to one side, it just makes buying and selling harder and slower, and more deals fall through, because as rates go up, buyer budgets come down."
2. Viewings halved in two years
Propertymark says the average property gets 1.7 viewings, down from almost four in August 2024, and 86% of agents report homes selling below asking.
"I'm not surprised by this. Asking prices aren't coming down in line with what buyers can now borrow, so the gap keeps getting bigger and fewer people bother to view. That gap between asking and sold prices is what we need to see close."
3. Searches up front cut fall-throughs by 43%
Connells says sales with local searches done at instruction had 43% fewer fall-throughs and reached exchange 37% faster.
"If something about a house is going to come out at some point, it wastes everyone's time and money to hide it until the end. It's common sense, and I don't think it needs a law. Agents can just start doing it."
FYI
On BestAgent, every listing shows Land Registry and local land charge data where it exists, so you can see more before you book a viewing.
4. Sellers flood back, buyers don't
Sprift says 123,856 more homes came to market than sold in September, a 12-month high, with new listings up 14.8% to 213,048 and agreed sales down 16.1% to 89,192.
"Even when sellers do find a buyer, and only about half of them do, it's then hard to get the deal over the line. The ones who move are the ones with realistic asking prices. We don't need house values to fall. We need them to flatline while wages go up."
5. Rents hit records, just as predicted
Rightmove says average asking rents outside London have topped ÂŁ1,400 for the first time, at ÂŁ1,418 a month, and London hit a record ÂŁ2,825.
"This is the most obvious outcome of the Renters Rights Act rule that says landlords can't accept more than asking price. The policy has crushed supply and pushed rents up, and it's the renters it was meant to help who are paying for it."
Source: https://landlordknowledge.co.uk/rightmove-rents-break-1400-london-record/
Bonus
Cladding fixed on 470 more buildings, 2,875 still waiting
The government says more than 470 more buildings have had cladding fixed since its acceleration plan, and only 39% of the 4,724 identified buildings are done.
"It's progress, but most buildings are still waiting. Until the cladding's done, I wouldn't be considering a leasehold flat that's got it."
Source: https://www.gov.uk/government/news/major-milestone-reached-in-ending-building-safety-crisis
My quotes in the media this week
The Sun — UK businesses back The Sun's Jobs Army as firms offer 1,000s of placements, 14 Oct
“I'm a big believer in taking a long shot on outlier candidates, especially someone who never expected it. Sometimes, someone with less experience but more enthusiasm turns out to be the far better employee.”
This week’s livestreams
Ruinous Rates Run Riot: 5FF. Last week’s 5FF. — Fri 9 Oct (9,074 views)
How to Buy in a Buyers Market: Live Q&A — Mon 12 Oct (5,726 views)
Facts and Figures About BestAgent: An Update — Wed 14 Oct (2,106 views)
Most-viewed this week
X: This has literally happened to me, the 'IT' guy at a major firm I deal with has point blank refused to use it, telling his boss a string of utter tosh about how it will 'steal all their data and sell it to competitors'. (69,987 views)
TikTok: Houses & flats moving in opposite directions across most of the UK (2,440 views)
Instagram: An -18% drop in a year is a sharp collapse. This is a leading indicator. (734 views)
https://www.instagram.com/p/DeUN_6mm6SW/
FYI
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