Homes priced under £500,000 have, however, shown greater resilience to potential policy changes

New seller asking prices for homes across Britain slumped by 1.8%, or £6,589, in November, according to property portal Rightmove. This marks the largest November decline since 2012, bringing the average price tag to £364,833.

Speculation surrounding the forthcoming Budget is fuelling market uncertainty, particularly at the upper end. Homes priced under £500,000 have, however, shown greater resilience to potential policy changes. This month’s decline significantly surpasses the decade’s average November decline of 1.1%.

More than a third (34%) of homes available for sale have had an asking price reduction, with the average size of price cut being 7%. Both figures are the highest since February 2024, the report said.

Colleen Babcock, a property expert at Rightmove, said: The decade-high number of homes available on the market continues to restrict price growth, with many new sellers keen to avoid standing out by over-pricing compared with their competition.

The Budget is a big distraction, and is later in the year than usual, with many would-be buyers waiting to see how their finances will be impacted, she said.

It appears that the usual lull we’d see around Christmas time has arrived early this year, and sellers who are keen to move are having to work especially hard to entice buyers with competitive pricing, she added.

Matt Smith, a mortgage expert at Rightmove, said: Home movers can expect some small drops in average mortgage rates to continue over the next few weeks. The Budget has created a lot of uncertainty and has had a big build-up, so once the announcements are out the way, home movers can focus on planning with more confidence.