House Price Index: A Hesitant November Amid Budget Uncertainty
The latest Rightmove House Price Index reveals a cautious housing market this November, with national trends echoing across Wales. Average asking prices have dipped by 1.8%, marking the largest November fall since 2012. While seasonal slowdowns are expected at this time of year, speculation around the upcoming budget has added extra uncertainty for buyers and sellers alike.
What’s Happening in Wales?
Wales continues to show resilience compared to some higher-priced regions, but the overall mood is one of caution. Homes under £500,000, which make up the majority of the Welsh market, have seen only a modest slowdown, with agreed sales down 4% year-on-year. This suggests that everyday movers are pressing ahead, despite jitters about potential changes to personal finances.
At the upper end of the market, hesitation is more pronounced. Nationally, sales of homes priced over £2 million have fallen by 13%, and while this price bracket is less common in Wales, the ripple effect of uncertainty is felt across all sectors. Sellers are responding by adjusting expectations over a third of properties on the market have had price reductions, averaging 7%, as competition among listings remains high.
Affordability and Opportunity
There’s a silver lining for Welsh buyers: mortgage rates are easing. The average two-year fixed rate now sits at 4.41%, down from 5.06% a year ago. Combined with rising wages, this is improving affordability for many households. If the Bank of England delivers a rate cut in December it could give the market a welcome boost heading into 2026.
What Does This Mean for You?
For sellers in Wales, realistic pricing is key. With more homes available than usual, competitive pricing will help attract motivated buyers. For buyers, this is a market of opportunity especially if you’re ready to move before any budget changes take effect. Acting now could mean securing a property at a more favourable price, with mortgage rates continuing to trend downward.
If you would like to find out more about selling with us and to book your FREE market appraisal, please contact your local branch. You can even get a free instant valuation of your property online on our website 24 hours a day.
Source: Rightmove House Price Index
