The Budget hiatus has pushed average asking prices down by more than usual for November, Rightmove data shows.
The latest Rightmove House Price Index shows average new seller asking prices fell by 1.8% this month to £364,833.
This is a larger-than-usual November drop, as the decade-high number of homes for sale and Budget hiatus add to the seasonal slowdown in new seller pricing, Rightmove said.
This compares to an average drop over the previous ten years of 1.1% in November, and is the largest fall in prices at this time of year since 2012.
Average asking prices are also down 0.5% annually.
In addition, asking price reductions of homes already on the market are at their highest level since February 2024, as sellers try to tempt bargain-hunting buyers.
The portal also warned that speculation about the contents of the Budget is fuelling uncertainty across much of the market, especially at the upper end where there are ongoing rumours of potentially costly property tax increases.
Sales agreed for £2m+ homes, which are the subject of a potential mansion tax, are down 13% year-on-year.
Homes priced between £500,000 and £2m, which would be impacted by potential Stamp Duty changes in England, or perhaps the rumoured capital gains tax, have seen sales agreed drop by 8% year-on-year.
The under £500,000 market has been less impacted, with sales agreed down by only 4% on this time last year. This mass-market sector is likely being unsettled by general Budget jitters rather than specific policy rumours, Righmove suggests.
Overall, the number of sales being agreed is still 4% above the same period in 2024.
Colleen Babcock, property expert at Rightmove, said: “The decade-high number of homes available on the market continues to restrict price growth, with many new sellers keen to avoid standing out by over-pricing compared with their competition.
“The Budget is a big distraction, and is later in the year than usual, with many would-be buyers waiting to see how their finances will be impacted. It appears that the usual lull we’d see around Christmas time has arrived early this year, and sellers who are keen to move are having to work especially hard to entice buyers with competitive pricing.
“Rumours of the contents of the forthcoming Budget are affecting the market, as we’re seeing a greater hesitation in sales activity, especially at the upper end, which has been the focus of most of the discussion.
“While there is also a general unease at how the Budget may impact personal finances, the majority of home moves would be unaffected by the rumoured changes to property taxes. Falling mortgage rates and rising wages have boosted buyer affordability, but the market also needs further bank rate cut and less uncertainty about taxes. If we can see some mortgage rate reductions over the next few weeks, supported by a December Bank Rate cut, we could start 2026 on a positive note with the end of the prolonged Budget hiatus lifting the gloomy atmosphere of recent weeks.”
Commenting on the index, Mary-Lou Press, president of NAEA Propertymark, said: ”The market is increasingly cautious as speculation over the upcoming Budget fuels uncertainty. When buyers and sellers face mixed signals about potential tax changes, it’s natural to see hesitation and a sharper seasonal slowdown than usual.
“While efforts are supported to ensure stability and fairness within the housing market, continued rumours of major reforms, from Stamp Duty and Capital Gains adjustments, to a potential mansion tax, risk undermining confidence and discouraging transactions.
“Despite softer sentiment in the higher-value sectors, the broader picture remains more resilient, helped by gradually improving mortgage rates and better affordability. Our member agents continue to report steady interest from committed movers, especially in the mainstream market, typically below £500,000.
“Providing clarity and stability will be key to maintaining momentum as we move into 2026.”
Your BU-tique Solihull Estate Agent for Property Sales, Lettings and advice
Source: Estate Agent Today
To read the rest of the article please visit www.buhomes.co.uk/blog
BU Homes, Solihulls Bu-tique Estate Agent
☕Fancy A Cuppa?
📍 Visit us at 130 Kineton Green Road, B927EF
📧 Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
📞 Call: 0121-778-4443
www.buhomes.co.uk
#PropertyMarket #HomeSellingTips #ForSale #SolihullHomes #EstateAgentNearMe
