Some estate agents have reported an increase in activity, while others say buyers are holding back amid higher mortgage rates and uncertainty ahead of the Budget.
Here, Which? looks at what's happening to the property market and what it means if you're thinking of buying or selling a home.
Has there been an 'autumn bounce'?
The estate agents we spoke to had mixed views on whether property market activity had picked up since September.
In Kent, buyer activity is higher than the same time last year, according to agent Miles & Barr. Another agent reported an increase in interest, although the market remained quieter than in previous years.
But the picture is less positive elsewhere. An agent in Pembrokeshire said buyers were being more selective, with little sign of an autumn bounce. Buyer numbers were down by roughly 10% compared with last year, according to an agent based in the north of England. Prospect estate agents, based in the Thames Valley, reported a 16% annual fall in new buyer registrations.
Scotland appears to be bucking the trend in some areas. DJ Alexander Scotland reported that demand remains high and sales volumes are rising, although activity is stronger in the central belt than elsewhere.
The mixed findings show why it's important not to judge the property market on national trends alone. If you're buying or selling, the level of demand in your local area could be much more relevant.
Find out more:What's holding buyers back?
Looking ahead, if energy prices and the international outlook stabilise, mortgage rates could start to drift down, potentially encouraging more buyers back into the market.
However, if there is further escalation in the Middle East, it could cause energy prices and mortgage rates to rise again.
Find out more:Is now a good time to sell a home?
If you're thinking of selling, setting a realistic asking price could be particularly important in the current market. With buyers having plenty of properties to choose from, overpricing your home could mean it takes longer to sell.
The number of homes on the market is at its highest point for this time of year since 2014, while the number of new buyers contacting agents is down 9% annually, according to Rightmove.
High supply combined with lower buyer demand has forced many sellers to cut prices. Asking prices were cut on 3,000 properties a day in September, the highest levels in 15 years, according to Rightmove data shared with the BBC. The average reduction was almost 7%, or roughly £21,000, from the average property.
Rightmove's data also shows the impact of pricing your home too high. It reports that the average home with a price reduction typically took 119 days to find a buyer. In comparison, on average it took just 39 days for those listed at one price.
The difficulty facing sellers is highlighted by analysis from property data firm TwentyCi. It shows that so far this year, 38.5% of concluded listings (where contracts were exchanged) required at least one price reduction. The firm also found that price reductions were more prevalent across much of the south, with fewer in the north and the midlands.
Find out more:Is now a good time to buy a home?
For buyers, the current market presents both opportunities and challenges.
For most people, buying a home means getting a mortgage, and rates have risen significantly since March. As a result, monthly repayments are likely to be at least £100 more than if you'd bought in January.
However, buyers are in a strong position to negotiate on price because so many properties are on the market. First-time buyers, or those without a chain, can negotiate even harder, as they can move faster.
source https://www.which.co.uk/news/article/is-now-a-good-time-to-buy-or-sell-a-house-aAsf89O7dVVB