LONDON: Asking prices for British homes have fallen by more than usual for the time of year ahead of Finance Minister Rachel Reeves’ budget next week, a survey published yesterday shows.
Average prices for homes put on the market fell by 1.8% in the four weeks to Nov 8, the largest drop for the time of year since 2012, leaving prices 0.5% below their level a year earlier, property website Rightmove said.
The highest number of British homes available on the market in a decade was also weighing on prices, the property website said.
Other gauges of the United Kingdom’s housing market, such as monthly data from the Royal Institution of Chartered Surveyors, have also pointed to a loss of momentum in the run-up to the Nov 26 budget, which is expected to include tax rises. — Reuters