According to Zoopla’s latest House Price Index, the customary pre-Christmas slowdown has begun six to eight weeks earlier than usual, driven by uncertainty ahead of the November Budget.

Key Market Indicators

The property market is seeing activity dip as buyers adopt a “wait and see” approach:

• Buyer Demand: Down eight per cent year-on-year.
• Sales Agreed: Down three per cent year-on-year, marking the first annual fall in new sales agreed in two years.
• House Price Growth: Slowed over 2025, currently standing at 1.3%.
• Amplifying Factors: The current dip is partially amplified by a strong final quarter in 2024, when many rushed to complete sales before stamp duty relief ended in April 2025.

Industry Reaction: A Pause, Not an Exit

Industry commentators agree that the Budget uncertainty is the primary driver for this early slowdown, particularly at the higher end of the market where tax changes are most speculated.

• Buyer Hesitation: Many buyers have “paused their property search” ahead of the November Budget due to uncertainty over potential tax changes.
• Waiting for Clarity: Motivated buyers and sellers are simply “pausing for clarity rather than exiting the market altogether.”
• Stable Fundamentals: Market fundamentals remain stable, citing strong employment levels and slightly eased mortgage rates.
• Call for Certainty: The Chancellor’s Budget must provide long-term certainty and stability for the housing sector to quickly restore confidence and momentum into 2026.