£5,366 warning to UK households who've got house on market before Christmas

UK house prices are predicted to rise in 2025 at the highest rate in four years despite a November dip after the Labour Party Budget. The average asking price for a UK home has dropped by more than £5,000 this month, new figures show.

Average asking prices from new sellers fell by £5,366, or 1.4%, in November to £366,592, compared with the 0.8% decline usually recorded at this time of year, according to the website Rightmove. Across the UK, the typical asking price for a home coming onto the market is £366,592, down by 1.4% or £5,366 month-on-month, the housing website said.

The usual drop seen at this time of year is 0.8%. Tim Bannister, Rightmove's director of property science said: "We had been seeing a drop-off in buyer demand, both in the lead-up to the Budget and in its immediate aftermath, as it was confirmed that there will be an increase to stamp-duty charges for most home-movers and second- home buyers, and some first-time buyers.

READ MORE 29 parts of England set for snow on Tuesday and Wednesday according to Met Office

"However, a second bank rate cut and a boost of optimism regarding 2025 appear to have reversed this trend at least temporarily." Tim said: "We now predict that we’ll see a stronger year for prices in 2025.

"The signs are that the market momentum we’ve been seeing this year will continue into next year, especially if mortgage rates drop to a level that gives greater affordability to some movers who have been waiting in the wings until now. However, we still expect some twists and turns next year.

"The speed at which mortgage rates come down next year will be key in determining activity levels for some of the market’s traditionally busiest periods, and sellers will still need to price temptingly enough to secure a buyer while the choice of homes for sale remains as high as it is right now.”