The latest e.surv Acadata House Price Index shows that average house prices in England and Wales held steady at £352,500 in November, marking a period of stabilisation after several months of gradual softening.
The index reports that market activity slowed notably during the month as buyers and sellers waited for clarity on the Autumn Budget.
A seasonal uplift in October gave way to renewed caution, with confidence dipping following the budget announcement, particularly around taxation.
According to the index, all regions recorded annual price falls in October, with the steepest declines seen in London at -5.0%, the South East at -6.1% and the South West at -4.9%.
Yorkshire and the Humber, the North East and the North West showed slight monthly improvements, reflecting a widening divergence between northern and southern regions.
The planned Council Tax surcharge on homes valued above £2m, effective from April 2028, is also beginning to influence sentiment, particularly in London and the South East where around 85% of affected properties are located.
Rob Owens, head of research at e.surv, said: “After October’s seasonal bounce, the market paused in November as many awaited the Autumn Budget.
“While average selling prices held steady at around £352,500, this marks a shift from the declines seen earlier in the year and suggests we may be entering a more settled phase. Regional dynamics remain a key part of the story.
“Southern England, particularly London and the South East, continues to weigh down national figures, while parts of the North are showing greater resilience – and in some cases, modest monthly growth.
“The proposed Council Tax surcharge on £2m-plus homes is already having a subtle effect, even ahead of its 2028 implementation, and it’s likely to continue shaping buyer behaviour at the top end.
“While its direct impact will be narrow, centred on high-value markets, its influence on sentiment is more widespread.
“Looking ahead, steady wage growth and the prospect of base rate cuts could support a gradual recovery in 2026, particularly if policy continues to nudge affordability in the right direction.”
