Asking prices for homes in the United Kingdom fell by 1.8 % in the four weeks to 8 November, marking the largest drop for that time of year since 2012, according to data from property portal Rightmove.

The decline leaves average asking prices 0.5 % lower than a year ago.

The sharp fall comes as the number of properties available for sale climbed to its highest level in a decade, increasing choice for buyers and reducing pricing power for sellers.

Rightmove reported that 34 % of properties had seen at least one price reduction, with the average cut standing at 7 %.

Market insiders identified the forthcoming budget on 26 November, which is expected to include tax-rate rises, as a key factor in the market pause.

Buyers appear to be delaying decisions in anticipation of fiscal changes, while sellers are responding with faster price adjustments to remain competitive.

Regional weakness was most marked in London and the South East, where supply pressures and affordability constraints are especially acute.

In contrast, some regions outside the South showed more resilience, but overall momentum has been muted.

While earlier in the year modest price gains were recorded, the current data highlight a transitional phase for the housing market.

Analysts caution that with affordability under pressure, elevated supply and looming fiscal changes, the typical autumn bounce has yet to materialise.

The shift signals that sellers seeking to transact before year-end may need to price more aggressively or face longer sale timelines.

Buyers, by contrast, now find themselves with greater choice and negotiating leverage.