UK property asking prices have stabilised after a sharp post-budget surge over the Christmas and New Year period, according to data published on Monday by Rightmove.
The average asking price of homes for sale showed no change in the four weeks to February 7, both month-on-month and year-on-year. That pause follows a strong start to the year, when prices jumped by a record 2.8% in the five weeks to January 10, pushing annual growth to 0.5%.
The early-year rally was widely attributed to improved sentiment after Chancellor Rachel Reeves delivered her first annual budget in late November. While the package included tax rises, the decision to delay the implementation of most measures appeared to reassure buyers and sellers alike, helping to lift market activity.
February is typically a positive month for prices, with asking values rising by an average of 0.8% over the past decade. January’s surge means that price growth since the start of 2026 has been the strongest for this point in the year since 2020, Rightmove said.
The platform also highlighted a sharp increase in supply. The total number of homes available for sale is now at an 11-year high for the time of year, giving buyers more choice and helping to keep price growth in check.
New property listings dipped 1% compared with a year earlier, when the market was skewed by the looming expiry of a homebuyer tax break. However, listings remain 11% higher than two years ago, underlining a broader recovery in seller confidence.
Sales activity sent mixed signals. The number of agreed deals was 5% lower than at the same point in 2025, but stood 9% higher than a year ago, suggesting that momentum is improving even if the market has cooled slightly after January’s burst of optimism.
Overall, the latest figures point to a housing market that is regaining its footing—supported by stronger supply and steadier confidence—while moving into a more balanced phase after its post-budget bounce.