UK House Asking Prices Stabilise After Post Budget Surge, Rightmove Reports

Asking prices for homes across the UK remained unchanged in the four weeks to early February, according to new data from property portal Rightmove, suggesting the market has paused after a strong start to the year.

Rightmove said there was no movement in average asking prices on either a monthly or annual basis during the period to February 7. The steady reading follows a sharp rise recorded over the Christmas and New Year period, when sellers increased prices by 2.8 percent month on month, marking the largest early year jump since 2020. On an annual basis, prices had risen by 0.5 percent in that earlier report.

The latest figures indicate that the initial post budget optimism seen in January may be levelling off. Analysts say seasonal patterns often bring modest price growth in February, with average increases of around 0.8 percent over the past decade. This year’s flat performance therefore represents a slight cooling compared with historical trends.

The housing market has shown signs of renewed confidence since Chancellor Rachel Reeves delivered her autumn budget in late November. Although the statement included tax increases, many measures were delayed, easing immediate pressure on households and property investors. Mortgage rates have also stabilised in recent months, helping to support buyer sentiment.

Rightmove noted that the total number of homes available for sale is now at an eleven year high for this time of year. A rise in supply can limit upward pressure on prices, giving buyers more choice and negotiating power. At the same time, the number of newly listed properties was 1 percent lower than a year earlier. However, that comparison is influenced by last year’s market activity, which was distorted by the approaching expiry of a temporary tax break for homebuyers.

Compared with two years ago, new listings are up by 11 percent, reflecting a broader recovery in seller confidence. Agreed sales are currently running 5 percent below the same point in 2025 but are 9 percent higher than at this time in 2024, pointing to gradual improvement in transaction levels.

Property analysts say the balance between supply and demand will be critical in determining price movements through the spring. With inflation easing but still above the Bank of England’s target, interest rate expectations remain a key factor for mortgage affordability. Financial markets are pricing in potential rate cuts later this year, which could provide further support for the housing sector if realised.

For now, the latest Rightmove data suggests the market is steady rather than surging. Sellers appear to be testing prices cautiously, while buyers are taking advantage of greater choice and stable borrowing conditions as the traditionally busy spring season approaches.