Average new seller asking prices have fallen this month by 1.8%, or £6,591, to £364,833, according to the latest Rightmove House Price Index.
This is the largest fall at this point in the year since 2012 and compares with an average 1.1% November drop over the past decade, reflecting a market adjusting to seasonal patterns and heightened economic uncertainty.
Hamza Behzad, business development director at Finova, said the figures suggest that the market is in a pause mode as buyers wait to see the outcome of the Autumn Budget.
He said: “Today’s data shows a slight dip in house prices, reflecting a market in pause mode as buyers hold off ahead of the Budget.
“Speculation on reforms to property taxes – such as stamp duty, capital gains, and inheritance – has led some buyers, particularly at the higher end of the market in the South East, to take a ‘wait and see’ approach.
“But the overall picture is a positive one, especially given that the winter months are typically a slower period for the market.
“The Bank of England’s decision to hold the base rate at 4% has provided stability, prompting lenders to introduce competitive rates to the advantage of first-time buyers and remortgaging homeowners alike.
“There are other factors in play, too. The new Renters’ Rights Bill is now in force, and it remains to be seen whether the new regulatory requirements will result in landlords selling up their portfolios, creating new buying opportunities in the market.”
He added: “The coming months will be key. How the market reacts to the Autumn Budget will determine whether this early momentum continues.
“In this climate, lenders must focus on offering flexible, tailored mortgage solutions to help proactive buyers take advantage of opportunities while others remain on the sidelines.”
