Asking prices for homes across Britain have dropped more sharply than usual for the time of year, as sellers brace for Chancellor Rachel Reeves’ budget announcement next week, according to

new figures from property portal Rightmove.

Average asking prices fell 1.8% in the four weeks to Nov. 8 — the steepest seasonal decline since 2012 — pushing prices 0.5% below their level a year earlier, Monday’s survey showed.

Rightmove said the market is being dragged down by the largest stock of available homes in a decade, adding further pressure to sellers trying to secure buyers in a cooling market.

Other indicators, including monthly data from the Royal Institution of Chartered Surveyors, have also signalled weakening momentum ahead of the Nov. 26 budget, where tax increases are widely anticipated.

Rightmove noted that price cuts on homes already listed for sale have reached their highest level since February 2024. The uncertainty is hitting the top end of the market particularly hard: agreed sales of properties priced above £2 million have fallen 13% compared with last year.

Despite the slowdown, overall sales so far in 2025 remain 4% higher than during the same period in 2024.

“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,” said Rightmove property expert Colleen Babcock. “It appears the usual Christmas lull has arrived early this year.”