The latest figures show that the average asking price for newly listed properties slipped by 1.8 per cent in November, equal to a drop of £6,589 in a single month. These numbers come from Rightmove, which tracks asking price trends across the country.
This decline is bigger than what is normally seen at this time of year. The typical November fall over the last ten years has been around 1.1 per cent. According to Rightmove, this is the steepest November drop since 2012.
The average asking price for a home coming onto the market has now moved down to £364,833. Rightmove says much of the market has been unsettled by ongoing speculation around the upcoming Autumn Budget.
Uncertainty appears to be having the biggest impact on higher-value homes. Sellers with properties priced above £500,000 are seeing more hesitation from buyers, who want to understand how government plans may affect their finances.
In contrast, homes priced below £500,000 are experiencing less disruption. Demand at this level seems to be holding up more steadily, despite the wider economic backdrop.
Rightmove’s latest data also highlights how widespread price reductions have become. More than a third of properties currently for sale have had at least one price cut.
The average size of these reductions is around seven per cent. Both the proportion of discounted homes and the scale of reductions are the highest seen since February 2024.
Rightmove property expert Colleen Babcock says the large number of homes available is limiting price growth. She notes that sellers are having to keep pricing competitive to avoid being overshadowed by similar properties nearby.
She also said the delay to the Autumn Budget is causing extra uncertainty. Many potential buyers are choosing to pause their plans until they know what financial changes may be announced.
According to Babcock, the typical slowdown that arrives near Christmas seems to have begun earlier than usual this year. Sellers who are keen to move are needing to work harder to attract interest.
Rightmove’s mortgage expert Matt Smith expects small reductions in average mortgage rates to continue over the coming weeks. He believes that once the Budget has been delivered, buyers will be able to plan with more confidence.
Some agents report a mixed picture in higher-end markets. Jackson-Stops chairman Nick Leeming says activity for prime country homes has been split, with some buyers waiting for Budget clarity while others push ahead quickly.
In London, agents are seeing different trends. Bertie Russell of Russell Simpson says there has been growing interest from investors, pied-à-terre buyers and an increasing number of purchasers from the United States.
Elsewhere, Hamptons has reported that the average monthly cost of a newly rented home fell by 0.5 per cent over the year to October, dropping to £1,399. This marks the third month in a row that new-let rents have softened.
However, Hamptons analyst David Fell notes that many landlords are still able to secure rent rises above inflation when renewing contracts with existing tenants.
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