Rightmove: Amid budget uncertainty, November saw the largest decline in UK asking prices in more than ten years

Additionally, requests for price reductions on already-listed properties are at their highest point since February 2024

Due to budget concerns and a decade-high number of properties for sale, UK asking prices saw their largest November decline in over a decade.

According to the real estate website Rightmove, average new seller asking prices decreased by 1.8 percent between October and November, from 371,422 to 364,833.

Over the past ten years, there has been an average decrease of 1.1 percent between the same two months. The largest November fall since 2012 is this year.

Rightmove claimed that while there were worries about what might be revealed in the Budget on November 26, the large number of properties for sale on the market was driving down prices.

Later this month, Chancellor Rachel Reeves may announce a number of changes that could have significant effects on the housing market.

This includes the elimination of the capital gains tax exemption on primary residences valued at more than £1.5 million, as well as a new tax on the sale of homes valued at more than £500,000. For properties valued at more than £2 million, a new "mansion tax" might be imposed.

According to Rightmove, the seasonal slowdown in prices typically observed prior to Christmas was being exacerbated by both pre-Budget anxieties and the surplus of properties on sale.

It stated that between October and November, the asking price of more than one-third of properties for sale had been lowered, with an average price decrease of seven percent. These two numbers are at their highest points since February 2024.

Many sellers were "keen to avoid standing out" by overpricing, according to Colleen Babcock, a property expert at Rightmove, while the Budget's delayed arrival was encouraging potential buyers to wait it out.

"It seems that the typical slow period around Christmas time has arrived early this year, and sellers who are eager to move are having to work especially hard to entice buyers with competitive pricing," she continued.

This indicates that the average asking prices for new sellers are now 0.5 percent, or 1,759, less than they were a year ago. The "

The market for upscale housing suffers the most.

According to Rightmove, home prices in the premium market suffered the most, with 13% fewer sales of properties priced at £2 million than during the same period the previous year.

In contrast to properties at the lower end of the market, the number of new sellers entering the market in this price range decreased by 9%.

Between October and November, homes costing between £500,000 and £2 million, which may be affected by changes to the capital gains tax and a proposed stamp duty reform in England, also suffered.

The year-over-year decline in agreed-upon sales of properties in this price range was 8%, which was greater than the monthly average of 5%.

According to Rightmove, homes under 500,000, which make up about 75% of the market, were more durable.

Sales in this industry decreased by just 4% on an annual basis.

According to Rightmove, in addition to worries about the Budget's contents, prospective homeowners were watching interest rates, which are generally still declining.

According to Moneyfactscompare . co . uk, the average two-year fixed mortgage rate was 4.91 percent as of November 14, down from 5.48 percent on the same date last year.

Some homebuyers, though, might be holding off until rates further decline.

At its most recent meeting on November 6, the Bank of England (BoE) held rates and declared that it believes inflation has peaked at 3.8%. This may indicate a reduction in mortgage rates at its upcoming meeting on December 18.

"We could start 2026 on a positive note with the end of the prolonged Budget hiatus lifting the gloomy atmosphere of recent weeks if we can see some mortgage rate reductions over the next few weeks, supported by a December Bank Rate cut," Babcock continued. A "

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