November Property Market Analysis

October was about laying foundations for future change. In fact, we can’t remember a month so heavy with reform and rumour. Here’s a recap of what happened and how it impacted the market.

The biggest announcement came on 27th October when the Renters’ Rights Bill gained Royal Assent, becoming the Renters’ Rights Act. What was missing on the day was the timeline for implementation. Although the Bill is now law, it will take months for changes to take effect in the private rental sector, so expect phased implementation from spring 2026.

One UK-wide new law

While the majority of the new legislation only applies in England and Wales, landlords in Scotland need to check the date when the new discrimination law is enforced. This will apply across the entire UK, including Scotland. It will stipulate no landlord can discriminate against a tenant in receipt of benefits or if they have children.  

Another Bill moves forward

Scotland also had its own reform news. The Housing (Scotland) Bill passed successfully through Scottish Parliament in October and now awaits Royal Assent. While some of its contents reflect the Renters’ Rights Act – such as making it easier for tenants to keep pets - there is one huge difference.

It has been agreed that local councils in Scotland will be able to identify ‘rent pressure zones’ where rent rises can be controlled with a cap. As such, rent increases will be limited to CPI+1%, up to a maximum of 6% in exceptional circumstances. There could be possible exemptions for certain properties, such as mid-market and build-to-rent homes.

October also saw the Government launch a 12-week public consultation on the future of buying and selling property. We have written about this in detail previously but are urging anyone with a view to take part in this online survey. The online consultation is open until 21st December 2025.

Last month also saw The Law Society introduce new versions of the TA6 property information form and the TA7 leasehold information form. These are completed by sellers during the conveyancing process. There are now far fewer questions in the TA6 form, with these changes reflected in the TA7 leasehold form. 

And as October ended, the Conservatives used Opposition Day in the House of Commons to reinforce one of its new pledges. The party intends to abolish stamp duty if it wins the next election. It believes a move would kickstart the property market.

Speculation around stamp duty

Stamp duty was also at the heart of Budget speculation. Reports have suggested the tax paid by purchasers upon completion could be scrapped by the Chancellor but be replaced by a new property tax charged to sellers. Stamp duty that could be paid in instalments was another idea floated. Most likely is a tinkering of thresholds that would affect first-time buyers, additional property purchasers and those completing on homes worth more than £2 million. 

With such a busy backdrop, we can forgive home movers for pausing. Zoopla’s October House Price Index showed buyer demand was down 8% compared with 2024, with many adopting a ‘wait and see’ approach. It added that house price inflation was steady at +1.3%.

An audience in anticipation

Budget uncertainty didn’t show up as markedly in Rightmove’s latest report. The portal found buyer demand and new listings were both down 5%, when compared to 12 months ago. In contrast, the average asking price edged up 0.3% last month.

The rental market proved more immune to conjecture in October. HomeLet’s latest rental report showed the UK’s average rent for a new tenancy increased 1.1% in its last reporting period. New tenants are now paying £1,343 per month.

If you would like to know more about your local property market, please get in touch.