Homesellers across Britain are reducing asking prices as the housing market slows sharply in the run-up to the Autumn Budget, according to new analysis from Property DriveBuy.
Average asking prices fell by 1.8% between October and November, dropping to £364,833, the latest data shows. The decline contributes to an overall 0.5% annual fall, highlighting how speculation over potential tax changes is weighing on activity.
London and the South West have recorded the steepest year-on-year declines, with average asking prices down 2.1% and 1.1% respectively. On a monthly basis, the sharpest reductions were in Scotland (-3.2%) and the South East (-2.7%).
Property DriveBuy’s snapshot of the live market indicates that downward pressure on pricing is broadening across major cities. Over the past 30 days, the number of homes listed for sale that have undergone at least one price cut has risen by 14.8% across Britain.
UNDER PRESSURE
Several cities have seen far more pronounced increases. Sheffield recorded the largest monthly rise in price-reduced listings at 50%, followed by Brighton (44%), Cardiff (35.7%), Leicester (28.6%), Manchester (21.8%), Newcastle (21.1%), and Liverpool (20.6%).
Steve Foreman (main picture, inset), Founder and CEO of Property DriveBuy, says: “Britain’s housing market is clearly feeling the strain of uncertainty in the run up to the Autumn Budget. With momentum slowing and buyer confidence dipping, we’re seeing more sellers make the difficult decision to reduce their asking price in order to secure interest.
“The sharp rise in price-reduced listings across major cities shows just how sensitive the market has become to speculation around potential tax changes, particularly at the higher end.
“Until there is clarity, both buyers and sellers are treading carefully.”
“Until there is clarity, both buyers and sellers are treading carefully, and this caution is now filtering through into the day-to-day pricing of homes coming to market.
“These conditions do not point to a market in distress, but they do underline how quickly sentiment can shift when major fiscal decisions are on the horizon.”
