With nervousness about the Autumn Budget and rising interest rates, October 2026 saw a slower property market in many areas. Read on to discover more about what’s been happening nationally and in our regions of Ceredigion, Pembrokeshire and Carmarthenshire.
In Brief
Nationally the market has seen –
- Rightmove says the average price of a newly listed home rose by 1.0% in October (+£3,575) to £371,015. However, prices are virtually flat compared with a year ago (-0.1%) showing that the market remains very price-sensitive.¹
- The average two-year fixed mortgage rate has risen to 5.55%, from 5.29% last month and 4.25% before the war in Iran started, adding around £250 a month to the cost of a typical new mortgage since February.¹
- New sellers in four of the five lowest-priced parts of Great Britain have set lower asking prices this month, including falls of 2.0% in the North East and 1.9% in Scotland.¹
- The number of sales agreed is down 8% on the same period a year ago, however this is broadly in line with the year to date, with deals still being done and sales activity showing surprising resilience despite higher mortgage rates.¹
- The Budget added a layer of uncertainty to decision-making.¹
- Zoopla says sales agreed are 7% lower than a year ago, as higher mortgage rates are pushing up the cost of buying a home.²
- Buyers are making fewer enquiries than last year and are more selective about what they view and make an offer on.²
- The housing market is still sensitive to mortgage rates. Higher borrowing costs since April 2026 due to conflict in the Middle East and other economic factors have weakened sales demand.²
- There are 7% more homes for sale than a year ago, an increase from 5% that they reported last month. This gives buyers more choice and is resulting in more competition between sellers to find a buyer.²
In terms of the Welsh property market –
- The average house price in Wales is now £267,735, down 0.3% over the last month, but standing still – 0.0% – year on year¹.
- The average number of days for a Welsh property to find a buyer has increased slightly to 71¹.
¹Source – Rightmove
²Source – Zoopla
National Overview
Here is our monthly overview of the trends that Rightmove and Zoopla – two of the biggest names in the property market – have been seeing over the last month.
Rightmove’s Insights –
Rightmove says that the rapid rise in mortgage rates over the last months is now starting to hit the budgets of buyers. It says that they are now seeing mortgage rate rises feed through to seller pricing in many of the cheaper parts of Great Britain – places where prices this year had been more resilient.
It’s an early sign that rising mortgages are pressurising affordability – even in markets where prices are lower. It demonstrates how price-sensitive the market is, highlighting the need for competitive pricing from the start to attract buyer interest.
It adds that while the increase in mortgage rates is impacting affordability across the UK, sellers appear to be reacting in different ways. Some are lowering their expectations, with others holding their price even if they have to wait longer to find a buyer. The October Budget also added some uncertainty, with potential buyers waiting to see the impact of the Chancellor’s announcements.
Zoopla’s Insights –
Zoopla reports that despite the choice of homes currently available – there are 7% more homes for sale than a year ago – they are selling just as fast as last year. While buyers have more choice it is resulting in more competition between sellers to find a buyer. It says that homes which find a buyer do so just as quickly as last year – taking an average of 44 days. This varies significantly by region – ranging from 19 days in Scotland to 56 days in London.
It highlights the influence of price on the time it takes to find a buyer. Of homes put for sale between April and June 2026, that were priced below their estimated value, 41% found a buyer within 90 days. In comparison, of the homes that priced 20% or more above the estimated value only 26% found a buyer in 90 days, demonstrating the importance of getting the price right.
It also states that cutting the price after the home is on the market does not guarantee a quick sale – only 19% of homes with a price reduction sold in 90 days.
Regional Insight from Cardigan Bay Properties
We specialise in the property market in West Wales and monitor developments here throughout the year to give you the best, most accurate advice. We cover the key regions of Ceredigion, Carmarthenshire and Pembrokeshire, and this month Tania Dutnell, one of our founders, outlines the key trends we’ve seen through October 2026. If you’d like to find out more please get in touch.
October was a quieter month – largely due to anticipation about the Autumn Budget and what that would hold. Both buyers and sellers in the region were delaying making any major decisions until that was announced.
The US Midterm elections have also impacted the housing market here. Nervousness about the outcome and reaction to the elections caused instability in the mortgage market, which resulted in buyers and sellers holding off and choosing to wait before committing to changes.
Overall in our region we saw the number of valuations we carried out drop by about a third, compared to valuations last year, however the number of viewings we held increased by 14%. This reflects the continued interest in the market, but with caution about the Budget and mortgage rates. Compared to our 2025 figures, the number of accepted offers were down this month, but the number of new property instructions we received was the same as last year.
Looking ahead, we’re advising home owners to ensure they get their properties ready for winter. Forecasts are suggesting a stormy winter, so whether you’re planning to sell in 2027 or not, it’s worth being prepared and ensuring any outstanding jobs to protect your home from the weather are completed.
Your Regional Insights
Please note that each month these figures are two to three months behind due to the Land Registry taking longer to register new sales, so this report shows figures from July 2019 (pre-Covid pandemic) to August 2026.
CEREDIGION
August 2026 saw the average property price in Ceredigion drop slightly to £234,314, down from £235,196 in July 2026. All property types saw a small drop, except flats, which saw a very slight rise – up from £109,010 in July to £109,045 in August.
However, the annual percentage change in property prices saw a drop of 1.7% with the biggest drop over the year reported for flats, which fell by 4.4%. The monthly percentage change also shows a drop of 0.4%, with the biggest drops seen by detached and semi-detached properties – both down 0.5%.
View the full Ceredigion report.
PEMBROKESHIRE
In Pembrokeshire the average property price saw a slight increase – up to £211,074 from £210,061 in July, with all property types experiencing a small level of price growth.
The monthly percentage change shows that the average property price in August increased by 0.5%, following a 2.2% drop in July. Semi-detached properties, terraced homes and flats all had an increase of 0.6%, while detached property prices grew by 0.3% over the month.
However, looking at the annual percentage change, the average property price fell by 2.5% in August, with the biggest drop seen by flats which fell by 5.7%. Detached and terraced properties both fell by 2.4%, while the price of semi-detached properties fell by 1.7%.
View the full Pembrokeshire report.
CARMARTHENSHIRE
In Carmarthenshire the average property price fell to £195,263, down from £198,168 in July. Again, all property types experienced a drop in their price.
In terms of the monthly percentage change prices fell by 1.5% overall, but the biggest drop was seen for detached properties (down 1.7%). The annual percentage change however shows an overall increase of 2.7%, with semi-detached properties showing the biggest growth of 3.2%, followed by terraced houses (up 2.9%), and detached properties (up 2.2%). The price of flats over the year fell by 0.6%.
View the full Carmarthenshire report.
CURRENT UK HOUSE PRICE INDEX
*As of August 2026, the average house price in the UK is £273,037, and the index stands at 104.6. Property prices have risen by 0.3% compared to the previous month, and risen by 0.9% compared to the previous year.
*Details provided by the Land Registry. For more information on the House Price Index please CLICK HERE
Please note that the stats provided by the UK House Price Index are live and constantly evolving.
The information here is for guidance only. We always try to ensure that the information we provide is accurate at the time of publishing. The fast moving nature of the property market means that some information may be out of date when you read this article so please do your own research. We accept no responsibility or liability for any decisions you make based on this information.