UK Housing Market Slows Ahead of Budget with £100bn Home Supply

The UK housing market is experiencing an earlier-than-usual slowdown ahead of the festive period, with buyer demand and agreed sales down compared to last year, influenced by uncertainty around the autumn Budget and the tapering of stamp duty discounts earlier in 2025. This slowdown is particularly pronounced for homes priced above £500,000 and in regions such as Wales, the South East, East of England, and London, where house price growth has virtually stalled. However, areas including Scotland, Yorkshire and the Humber, the South West, the West Midlands, and Northern Ireland continue to see robust house price growth and stronger sales activity. Despite the slowdown, there is a substantial pipeline of nearly 350,000 homes valued at over £100 billion currently working through the sales process, the largest in over four years. In the high-end London market, sales of homes priced £5 million or more have decreased by 18% year-on-year, with the most significant decline seen in properties over £10 million, as buyers await clarity on the upcoming Budget. Overall, the market shows signs of cautious buyer sentiment, with some opportunistic purchases amid a generally subdued environment.