The average asking price for a property in the UK fell for the second month in a row in November, dropping by 1.4% to £366,592, according to property website Rightmove.
This decline represents a larger-than-usual drop of £5,366, compared to the typical 0.8% decrease.
Rightmove attributes this dip to concerns around the pre- and post-Budget period. Anticipation surrounding the 30 October Budget initially kept the market cautious, and the subsequent disappointment after the Budget announcements led to a slowdown in activity. Despite this, the overall market remains robust compared to last year. The number of sales agreed upon is 26% higher than in the same period in 2023, and new sellers are also entering the market, with 6% more homes listed for sale than a year ago.
However, Rightmove notes that the possibility of the Bank of England reducing interest rate cuts could lead some potential movers to delay their plans, while seasonal slowdowns typically occur before Christmas.
