Published 28th November 2025

Executive summary

• First house price falls across southern England in 18 months
• Budget uncertainty and more homes for sale impact pricing
• House prices rising by up to 3% outside southern England where supply is largely unchanged and homes more affordable
• Post-Budget boost for southern England as a threat of annual property tax removed from 210,000 homes for sale
• Lack of widespread changes for property taxes and greater certainty to boost market activity in Q1 2026
• Fiscal drag for housing – no reforms to stamp duty mean more buyers paying higher tax – impacting prices and desire to move

See our London House Price Index and detailed price metrics for 65 cities.