Rightmove commentary on the ‘Your First Home’ announcement

Alex Slater, Rightmove’s Director of New Homes says: “Any measures that help more first-time buyers access home ownership are welcome, particularly at a time when housing developers are facing some of the toughest market conditions in years. Our data shows that the number of new housing developments coming to market has fallen to its lowest rate on record, highlighting the challenges facing the sector. Developers continue to manage a combination of viability pressures, affordability constraints and competition from a high level of resale homes on the market. Support should focus on helping to unlock greater affordability, improve confidence to bring forward new developments, and support the delivery of much-needed new homes across Great Britain.”

Data on the new homes market
Number of new build developments coming to market in H1 2026 reached a record low based on Rightmove data
>50% fewer new developments joining than in H1 2019
Total number of new homes developments on Rightmove fell to 2,766, down 121 developments (-4%) from the end of 2025

Overall market stats
Great Britain
Buyer demand (enquiries to estate agents) running 9% below last year
Average asking price for a home is £367,440 (September HPI)
Average asking price for a typical first-time buyer home (0-2 bedrooms) is £225,199
A 5% deposit on a typical first-time buyer home is £11,260
Mortgage rates are rising. The average two-year fixed mortgage rate currently stands at 5.49%, compared with 4.53% at this time last year, and 4.25% in February 2026 before the war in Iran started
Pricing right is vital in the current market:
Homes are 13% more likely to sell if no reduction in price is required, highlighting the impact of coming to market with the right initial price
Homes that are priced competitively and don’t need a price reduction selling in 39 days, compared to 119 days for reduced properties
Nearly three-quarters (74%) of homes that have sold in 2026 have done so without a price reduction, highlighting that the most successful sellers are coming to market with an attractive initial price
A third (33%) of properties see an asking price reduction, and the average size of price reduction is 6.6%