Asking prices for UK homes fall in run up to budget, Rightmove says
17/11/2025 24:01
LONDON, Nov 17 (Reuters) - Asking prices for British homes have fallen by more than usual for the time of year ahead of finance minister Rachel Reeves' budget next week, a survey published on Monday showed. Average prices for homes put on the market fell by 1.8% in the four weeks to November 8 - the largest drop for the time of year since 2012 - leaving prices 0.5% below their level a year earlier, property website Rightmove said. The highest number of homes available on the market in a decade was also weighing on prices, Rightmove said. Other gauges of Britain's housing market, such as monthly data from the Royal Institution of Chartered Surveyors, have also pointed to a loss of momentum in the run-up to the November 26 budget, which is expected to include tax rises. Rightmove said reductions in asking prices for homes already on the market were at their highest since February 2024. Budget speculation was weighing especially on more expensive properties with agreed sales of homes worth more than 2 million pounds ($2.63 million) down 13% year-on-year. Sales in 2025 so far remain 4% above 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. It appears that the usual lull we'd see around Christmas time has arrived early this year," said Rightmove property expert Colleen Babcock. ($1 = 0.7594 pounds) (Writing by William Schomberg; Editing by Alexander Smith) ((william.schomberg@thomsonreuters.com; +44 207 542 7778; Reuters Messaging: william.schomberg.reuters.com@reuters.net))