Asking prices for British homes fell last month by more than usual for this time of year, online property portal Rightmove said on Monday, although it predicted the market could rise further for 2025 , according to its monthly report published Monday.
Prices fell 1.4% in the four weeks to November 9, compared with a usual fall of 0.8% for this period, according to Rightmove data, which is not seasonally adjusted. Prices were 1.2% higher than the previous year.
The survey straddles Finance Minister Rachel Reeves’ October 30 budget, which increased taxes on second home purchases, and the Bank of England’s interest rate cut on November 7.
“There has been a lot of news for home buyers to digest over the last few weeks and it appears the market is still digesting it,” said Tim Bannister, Rightmove’s director of property science.
“The overall picture of market activity remains positive compared to last year’s quieter market at this time. This sets us up for what we expect to be a stronger 2025 both in terms of price and number of houses sold.
Rightmove said it expected house prices to rise by 4% in 2025, its highest forecast since 2021.
Last week the Royal Institution of Chartered Surveyors said the outlook for the property market was improving, although rising borrowing costs in the market could threaten a recovery in sentiment.
Mortgage lenders Halifax and Nationwide both reported rising sales prices in October.
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