UK house prices drop 1.4% in 4 weeks

Asking prices for British houses fell by 1.4 per cent over the four weeks to November 9, surpassing the typical seasonal drop of 0.8 per cent, according to Rightmove’s latest report. Despite this decline, prices remain 1.2 per cent higher than a year ago.

The market is currently digesting significant events, including Finance Minister Rachel Reeves’ October 30 budget, which raised taxes on second home purchases, and a Bank of England interest rate cut on November 7.

Tim Bannister, Rightmove’s director of property science, noted that the market activity remains positive compared to the same time last year, setting the stage for a stronger 2025.

Rightmove forecasts a 4 per cent rise in house prices in 2025, the highest prediction since 2021.

Recent reports from Halifax and Nationwide also highlighted rising selling prices in October, while the Royal Institution of Chartered Surveyors noted a brightening outlook for the housing market, despite concerns over rising borrowing costs.