Rightmove reports a sharper-than-usual fall in UK asking prices this November, with the national average down 1.8% to £364,833. This is the largest November drop since 2012, compared with a typical decline of 1.1% over the past decade. Prices are now 0.5% lower than a year ago.

The slowdown is driven by a decade-high level of homes for sale, increased price sensitivity, and uncertainty surrounding the government’s upcoming Budget.

Market Segments

• First-time buyers: £225,128
  Down 0.8% on the month and 0.1% annually.
• Second-steppers: £340,515
  Down 1.0% monthly, but 0.1% above last year.
• Top of the ladder: £657,758
  Down a steep 2.7% on the month, though still 0.7% above last year.

Rightmove’s Colleen Babcock says the usual pre-Christmas slowdown has “arrived early”, with a third of sellers cutting prices — the highest rate of reductions since February 2024. She describes the current climate as “a buyers’ market.”

Impact of Tax Rumours

Concerns over a possible mansion tax and changes to stamp duty are cooling the higher end:

• Homes over £2m: sales agreed down 13% year-on-year.
• £500k–£2m bracket: sales agreed down 8%.

However, the mainstream market — properties under £500,000, making up 75% of all transactions — is holding up better, with sales only 4% lower than last year. Overall, sales agreed in 2025 remain 4% higher year-to-date compared with 2024.

Mortgage Rates & Affordability

Average two-year fixed rates have fallen to 4.41%, down from 5.06% a year ago, helping improve affordability. Rightmove notes that further Bank Rate cuts and greater tax certainty are needed to boost buyer confidence.

Rightmove’s November index is based on 85,179 asking prices listed between 12 October and 8 November.