Overview
- Rightmove says 34% of listings have reduced asking prices, with average cuts of 7%, the highest since February 2024.
- Sales activity has cooled most at the upper end, with agreed sales down 13% for £2m-plus homes and 8% for £500,000–£2m properties.
- RICS reports declines in new buyer enquiries, agreed sales and instructions, with surveyors citing uncertainty before the 26 November Budget.
- A decade-high number of homes on the market is curbing price growth as sellers price more competitively to secure deals.
- EY Item Club forecasts UK mortgage lending growth to slow to 2.8% in 2026 from 3.2% this year due to stretched affordability and weaker real incomes.