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Asking prices for UK homes show big November dip but 2025 set for gains, Rightmove says
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(Reuters) – Asking prices for British homes fell over the last month by more than is usual for the time of year,
(Reuters) – Asking prices for British homes fell over the last month by more than is usual for the time of year, online property portal Rightmove said on Monday, although it forecast a new upswing in the market for 2025, its monthly report showed on Monday.
Prices fell by 1.4% over the four weeks to Nov. 9, compared with a typical drop of 0.8% for the period, Rightmove’s data, which is not adjusted for seasonal variations, showed. Prices were 1.2% higher than a year earlier.
Its survey straddled finance minister Rachel Reeves’ Oct. 30 budget, which raised taxes on purchases of second homes, and a Bank of England interest rate cut on Nov. 7.
“There’s been a lot of news to digest for home-movers over the last few weeks and it appears that the market may still be chewing it over,” Tim Bannister, Rightmove’s director of property science, said.
The big picture of market activity remains positive when compared to the quieter market at this time last year. This sets us up for what we predict will be a stronger 2025 in both prices and number of homes sold.”
Rightmove said it expected house prices to rise by 4% in 2025, its highest prediction since 2021.
Last week the Royal Institution of Chartered Surveyors said the outlook for the housing market was brightening, although rising market borrowing costs could threaten the recovery in sentiment.
Mortgage lenders Halifax and Nationwide both reported a rise in selling prices in October.
(Reporting by Andy Bruce; editing by David Milliken)
An asking price is the price a seller sets for a property when it is put on the market. It is the amount the seller hopes to receive from a buyer.
The housing market refers to the supply and demand for residential properties, including buying, selling, and renting homes. It is influenced by economic conditions and consumer preferences.
A property price index measures the changes in the price of residential properties over time. It helps track market trends and assess property value fluctuations.
A budget is a financial plan that outlines expected income and expenses over a specific period. It helps individuals and organizations manage their finances effectively.
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