LONDON (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.
UK Home Asking Prices Drop Ahead of Upcoming Budget Announcement
Impact of Budget on UK Housing Market
LONDON (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.
Current Trends in Home Prices
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.
Market Supply and Demand Dynamics
The highest number of homes available on the market in a decade was also weighing on prices, Rightmove said.
Forecast for the Upcoming Budget
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 homesalready on the market were at their highest since February 2024. * Budget speculation was weighing especially on moreexpensive properties with agreed sales of homes worth more than2 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 yearthan usual, with many would-be buyers waiting to see how theirfinances will be impacted. It appears that the usual lull we'dsee around Christmas time has arrived early this year," saidRightmove property expert Colleen Babcock.($1 = 0.7594 pounds)
(Writing by William Schomberg; Editing by Alexander Smith)
