There are clear signs the autumn property market bounce is already starting according to Zoopla’s latest house price index, which reveals the number of prospective buyers searching for homes is up 7% year on year.
For the first time since August 2025 the trend is national. More people are searching in every region, despite would-be home buyers being hit by higher mortgage rates and buying power down by 9% when compared to January.
“Buyers can’t wait on the sidelines indefinitely”, Zoopla said, and with 5% more homes on the market than this time last year they have plenty of choice. The pick up in search activity is strongest in the south east (up 8.9%) and east of England (up 8.5%), while the north west has seen the lowest increase at 0.7%.
With average five-year fixed mortgage rates rising from below 4% in January to around 4.8% today, buyers who could previously afford a £200,000 mortgage while keeping their monthly repayment unchanged can now only borrow around £182,000 for the same monthly payment – reducing buying power by 9%.
Alternatively, the average buyer would need to find an additional £18,200 deposit to buy the same home while keeping monthly mortgage repayments unchanged.
Hope of a swift impact on conveyancing transaction volumes is tempered by a 6% fall in the number of sales agreed against this time last year, but Zoopla’s report finds the gap is closing as activity starts to increase.
“The increase in property searches is an early sign that buyers are considering their options”, Zoopla said. “This activity will take time to feed into more buyer enquiries and sales agreed in the coming weeks, although it’s clear that the gap to last year in sales and buyer demand is starting to close.”
Richard Donnell, Zoopla’s executive director, said many buyers have taken a ‘wait and see’ approach in response to rising borrowing costs and political uncertainty.
“The low point for activity was mid July around the time of the World Cup final”, he explained. “Since then we have seen average mortgage rates have stabilised but remain closer to 5% than 4% meaning affordability remains an important factor for many home buyers choosing their next home.
“Buyers have plenty of choice this autumn and will be able to make competitive bids for homes. Motivated sellers need to price carefully to attract interest and bids and seek the advice of local agents for the likely levels of demand and interest in their home as market conditions vary widely across the country.”
Nathan Emerson, CEO at Propertymark, said the figures suggest buyers are beginning to re-engage with the housing market after a quieter summer but similarly cautioned against a full recovery in the short-term
He said: “Affordability remains the key constraint. Higher mortgage rates are reducing buying power, while the additional £18,200 deposit needed to maintain repayments highlights the particular challenge facing first-time buyers.
“More homes available for sale is positive, giving buyers greater choice and helping keep price growth in check. But the regional picture remains mixed, reinforcing that the housing market is not one-size-fits-all. Local expertise will be crucial this autumn, helping buyers understand what they can realistically afford and ensuring sellers price their homes appropriately. The return of demand is encouraging, but affordability remains the biggest barrier to a sustainable recovery.”
Nicky Stevenson, managing director of Fine & Country, said it had been an unusually quiet summer buyer interest appeared to be turning a corner.
“The fundamentals also suggest there is a floor beneath the market. Transaction levels remain relatively resilient and mortgage availability has improved, while some lenders have started cutting rates. If borrowing costs continue to edge lower, even gradually, that could unlock some of the demand currently sitting on the sidelines.
“The big question now is whether that renewed search activity converts into offers and sales. If it does, we could see a healthier autumn market, but I expect competition for buyers to keep price growth modest and make local market knowledge, realistic pricing and good advice more important than ever.”
