UK property asking prices hold steady after post-budget jump, Rightmove says

UK property portal Rightmove reported that national asking prices for homes held steady in the latest period following a post-budget surge, as potential buyers and sellers reacted to recent economic policy changes announced by Chancellor Jeremy Hunt. The property market experienced notable volatility after the Chancellor's autumn budget, which included measures aimed at stimulating the housing sector. Rightmove's data indicates that while asking prices initially jumped by approximately 1.2% immediately following the budget announcement, the market has since stabilized with prices remaining largely unchanged over the past month. This suggests that the initial market reaction may have been somewhat speculative, with sellers testing the waters before settling at more sustainable levels. Industry experts suggest that the stability in asking prices reflects a more balanced market condition, with both buyers and sellers adjusting to new economic realities. The budget's provisions, including potential reforms to stamp duty and support for first-time buyers, appear to have created a temporary boost rather than a fundamental shift in market dynamics. Rightmove's commercial director Tim Bannister noted that while the market shows signs of resilience, prospective buyers remain cautious due to ongoing inflation concerns and interest rate uncertainty.