House Prices Are Rising, So Why Are Buyers Holding Back? The Truth About the October 2026 Property Market

By Chris Bowman, Managing Director, Bowman Estates. 19 October 2026

If you've seen today's property headlines, you might be forgiven for thinking the housing market is picking up again.

According to Rightmove's latest figures, the average asking price of a home coming onto the market has increased by £3,575 this month, taking the national average to £371,015.

Sounds like good news for homeowners, doesn't it?

But dig a little deeper into the figures and a very different picture starts to emerge.

Buyer enquiries are falling, mortgage rates have climbed, and there are more properties available for sale than we've seen at this time of year for over a decade.

So what's really happening? And more importantly, what does it mean if you're thinking about selling your home in Ramsbottom, Bury or Bolton?

Asking Prices Are Up, But That Doesn't Mean Homes Are Selling for More

This is probably the biggest misunderstanding I see when people read property market headlines.

There's a huge difference between what somebody asks for their property and what a buyer is actually prepared to pay.

Rightmove reports that asking prices increased by 1% in October.

But compared with October last year, they're actually down by 0.1%.

In other words, despite the positive headlines, the average asking price is virtually unchanged from a year ago.

And here's where things get interesting.

The number of buyers contacting estate agents about properties has fallen by 9% compared with last year.

Meanwhile, the number of new properties coming onto the market has increased by 3%.

That tells us something important.

Sellers are asking for more money, but buyers have more choice and are becoming increasingly selective.

And that changes how properties need to be marketed.

The Mortgage Problem Nobody Can Ignore

One of the biggest factors affecting today's housing market is the cost of borrowing.

According to Rightmove, the average two-year fixed mortgage rate has risen from 4.25% in February to 5.55% in October.

That increase has added approximately £250 per month to the cost of a typical new mortgage.

Think about that for a moment.

That's another £3,000 a year coming out of a household's budget.

For somebody looking to buy a £350,000 or £400,000 home in Bury or Bolton, that additional monthly expense can make a real difference.

It might mean looking at a smaller property, choosing a different area, or deciding to delay moving altogether.

And for sellers, it means something equally important.

Your ideal buyer might still love your home, but their mortgage affordability could have changed significantly.

That's why understanding what buyers can realistically afford is so important when setting an asking price.

Buyers Have More Choice Than They've Had for Years

Rightmove says the total number of homes available for sale is at its highest level for this time of year since 2014.

That's a remarkable statistic.

For years, we've become accustomed to hearing about housing shortages and buyers competing for limited properties.

But in today's market, buyers can afford to be more selective.

Imagine you're selling a three-bedroom semi-detached house in Bury.

A potential buyer might be comparing your home against five or six similar properties in the surrounding area.

They're looking at the asking prices, photographs, condition, gardens, parking and location.

If one property appears significantly overpriced compared with the alternatives, there's a good chance they'll simply move on.

They don't necessarily need to book a viewing to decide your home isn't offering value.

Today's buyers are doing their homework before they even pick up the phone.

What Does This Mean for Property Prices in Ramsbottom, Bury and Bolton?

This is where I think local knowledge becomes particularly important.

National property statistics can give us a useful indication of what's happening across the country, but they don't tell us exactly what's happening on an individual street.

Ramsbottom is a very different market from parts of central Bolton.

A character cottage in Summerseat will attract a different buyer from a modern detached family home in Greenmount or a terraced property in Bury.

Even two houses on the same road can perform very differently depending on their condition, presentation and asking price.

Rightmove's latest figures show that new seller asking prices across the North West fell by 0.6% in October.

That doesn't mean every property in Ramsbottom or Bury has lost 0.6% of its value.

But it does suggest that sellers across our region are beginning to respond to the pressures buyers are facing.

My view is that well-presented, correctly priced properties in desirable locations can still attract strong interest.

However, properties that enter the market at an unrealistic price are likely to face a much tougher challenge.

If you want to see what homes near you have actually sold for, our Ramsbottom sold house prices guide is a good place to start.

Why Marketing Matters More When Buyers Have More Choice

When the market is particularly strong, almost anything seems to sell.

You can take a few photographs, put a property on Rightmove and wait for the enquiries.

But when buyers have more choice, your marketing needs to work considerably harder.

At Bowman Estates, we're big believers in presenting a property properly from the very beginning.

That means professional photography, engaging property videos, carefully considered presentation, floorplans, virtual tours and targeted social media marketing.

Why?

Because your property isn't just competing with other houses on your street.

It's competing for attention.

When someone is scrolling through Rightmove, Facebook or Instagram, you've got seconds to make them stop and take a closer look.

Great marketing cannot make an overpriced property good value.

But when you combine excellent presentation with a sensible asking price, you give yourself a much better opportunity to attract the right buyers.

Should You Wait Until Mortgage Rates Fall Before Selling?

This is a question I expect more homeowners will be asking over the coming months.

And my answer is that it depends entirely on your circumstances.

If mortgage rates fall, we could see more buyers return to the market.

But there's no guarantee when that will happen, or what property prices will do in the meantime.

There's also something else worth considering.

If you're selling one property to buy another, the market affects both sides of your move.

For example, you might achieve slightly less for your current property in a slower market, but you could also negotiate a better deal on the house you're buying.

Sometimes the difference between your selling price and your next purchase price matters far more than either figure individually.

I wouldn't advise somebody to put their life on hold simply because of a newspaper headline.

I'd advise them to understand their local market, work out their finances and make a decision based on their circumstances.

My Advice to Anyone Thinking About Selling in 2026

The property market hasn't stopped.

People are still moving.

Families are growing, couples are relocating, homeowners are downsizing and first-time buyers are taking their first steps onto the property ladder.

But the market is changing.

Buyers are watching their budgets more carefully, comparing properties and taking longer to make decisions.

That doesn't mean you can't achieve a good price for your home.

It means you need a strategy.

For me, that starts with three things:

1. An accurate valuation. Not the highest figure somebody is prepared to tell you, but a realistic price supported by local evidence.
2. Outstanding marketing. Give buyers a compelling reason to view your property rather than the competition.
3. A proactive estate agent. Somebody who doesn't simply upload your property to Rightmove and hope for the best, but actively works to find and engage suitable buyers.

The days of relying purely on a buoyant market to sell your home are becoming harder to justify.

And personally, I don't think that's necessarily a bad thing.

It means good estate agency, honest advice and proper marketing become more important than ever.

Thinking of Selling Your Home in Ramsbottom, Bury or Bolton?

If you're considering selling, whether that's now or sometime in the next six months, I'd be happy to have a conversation.

At Bowman Estates, we offer a personal approach to selling property, combining traditional customer service with modern property marketing.

We'll give you an honest assessment of what your home could achieve, explain how we'd market it and help you understand the current demand for properties like yours.

No pressure. No inflated promises. Just straightforward advice.

Book a free, no-obligation property valuation, ring the office on 01706 310171 or email sales@bowmanestatesltd.com.

Bowman Estates. Modern Marketing, Traditional Values.

Sources

• Rightmove House Price Index, October 2026
• Zoopla House Price Index, September 2026
• Savills UK Housing Market Update, October 2026