UK home sales declined by 4% in the four weeks leading up to November 23, as many buyers stepped back amid concerns over potential property tax increases in the upcoming national budget, according to data released by real estate agency Zoopla.
The agency reported that buyer demand dropped 12% compared to the same period last year, reflecting a broader slowdown in market activity.
Average house prices across the UK rose 1.3% year-on-year to £270,200 ($357,772). However, prices in London and the South posted their first decline in 18 months, a shift Zoopla linked to budget uncertainty and a growing supply of homes on the market, which is giving buyers more choice.
Zoopla’s Executive Director Richard Donnell said that market conditions could improve once the government provides clearer guidance. “With greater certainty, we expect a rebound in housing market activity as we move into the new year. Households that delayed decisions in recent months are likely to return with increased confidence,” he noted.
