Asking prices for homes in the UK fell more sharply than usual in the past month, according to online property portal Rightmove. In its monthly report published Monday, the platform noted a
1.4% decline in prices over the four weeks to November 9, compared to the typical seasonal drop of 0.8%. Despite this, prices remained 1.2% higher than the same period last year.
Rightmove’s survey coincided with significant economic events, including the Chancellor Rachel Reeves’ October 30 budget, which introduced higher taxes on second-home purchases, and a Bank of England interest rate cut on November 7.
“There’s been a lot of news to digest for home movers over the last few weeks, and it appears that the market may still be chewing it over,” said Tim Bannister, Rightmove’s director of property science.
Despite the recent slowdown, Bannister highlighted that market activity remains stronger than it was at the same time last year. “This sets us up for what we predict will be a stronger 2025, with growth in both prices and the number of homes sold,” he added.
Rightmove forecasts a 4% rise in house prices for 2025, marking its most optimistic projection since 2021.
The broader outlook for the housing market is also showing signs of improvement. Last week, the Royal Institution of Chartered Surveyors reported growing confidence in the market, although it cautioned that higher borrowing costs could pose challenges.
Mortgage lenders Halifax and Nationwide echoed the positive sentiment, both reporting an increase in selling prices during October.