Average asking price for UK homes falls 5,000 points in November | housing market

The average asking price for a UK home fell by more than $5,000 this month as the autumn budget rattled the housing market ahead of the usual Christmas slowdown.

The average asking price for new sellers fell by 5,366, or 1.4 per cent, to 366,592 in November, compared with a 0.8 per cent drop typically recorded at this time of year, according to website Rightmove.

Despite the fall, Rightmoves experts were optimistic, with the housing market more active than a year ago and interest rate cuts improving sentiment. The Bank of England this month cut its benchmark interest rate by a further quarter point to 4.75% for the second time this year.

However, despite the interest rate cut, mortgage costs have risen slightly in recent weeks due to other external factors. The swap rate, which is the interest rate at which banks lend to each other, has shown an upward trend amid inflation and global economic uncertainty following the passage of the budget bill and the U.S. presidential election last month. Interest rates are still expected to fall, but not as quickly or as quickly as previously thought. Analysts expect the cut to around 3.5%, rather than 3%, by early 2026.

The average two-year fixed mortgage rate is now 5.49%, up from 5.36% in mid-October but still lower than the 6.19% it was at this time last year, according to data analyst Moneyfacts. The average five-year fixed rate is now 5.22%, up from 5.05% in mid-October but lower than the 5.71% offered a year ago.

Nonetheless, the number of agreed property sales is still 26% ahead of where it was at this point in 2023, and the number of new sellers coming to the market who have decided to move is 6% higher than in the same period, Rightmove says.

The property portal predicts that average new seller asking prices will rise 4% in 2025, the highest forecast since 2021, as the prospect of lower mortgage rates will release some pent-up demand and put some upward pressure on prices. no see.

Tim Bannister, director of property science at Rightmoves, said: We have seen a decline in buyer demand both during the budget period and in the immediate aftermath as it has been confirmed that stamps will increase. – Tariff for most home movers, second home buyers and some first time buyers.

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But if you zoom out on these short-term trends, the big picture of market activity remains positive compared to the quiet markets this time last year, Bannister said. This sets the stage for a stronger 2025 in both prices and number of homes sold, especially if mortgage rates fall enough to significantly improve affordability for the more mass market.

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