Overview
- Zoopla reports that in the five weeks to September 21 buyer inquiries fell 4% for homes above £500,000 and 11% for £1 million‑plus properties, with new listings down 7% and 9% respectively year on year.
- Press chatter about replacing stamp duty with an annual property levy on homes over £500,000 remains unconfirmed but has been sufficient to unsettle higher‑priced segments, Zoopla says.
- Weakness is concentrated in southern England, where annual price growth is below 0.5%, while more affordable areas show faster gains and Northern Ireland leads with 7.9% inflation.
- Sellers are holding back at the top end, leaving fewer high‑value listings than a year ago, and Savills reports prime‑market sentiment at a five‑year low with the greatest pressure on £10 million‑plus homes.
- Outside the upper tier, demand and supply look stable, and Zoopla still projects 1.15 million UK sales in 2025, the most since 2022, with house prices expected to rise by 1.5% to 2% during the year.