Nick Leeming, Chairman of Jackson-Stops, comments in response to the ONS Private Rents and House Price data published today, 19th November 2025.
- The average house price for England was £293,000 in September 2025, up by 2.0% (£6,000) from a year earlier. This annual rise was lower than in the 12 months to August 2025 (2.9%).
- Annual house price inflation was lowest in London. Prices fell by 1.8% in the 12 months to September 2025, compared with a fall of 0.8% in the 12 months to August 2025.
“Subdued growth in September’s house prices are a prelude to the cooler market conditions that we are seeing today, as nervousness from impending tax reform impacts the top end.
“We have seen the blizzard of tax proposals in recent months impact market confidence, with uncertainty on how much a house move will cost weighing heavily on families. Whilst northern regions and more affordable areas saw moderate growth, where house prices are highest in London and the South East, values have continued to lag.
“That being said, our own national data points to pent up demand from buyers, with a steady volume of viewings in September and October, matching figures recorded last year. Buying enquiries for Jackson-Stops remain elevated in places like Cheshire, Devon, and Sussex, suggesting a combination of lifestyle moves and downsizing will continue to be key drivers regardless of changing fiscal policy. As demand becomes more localised, we may see more buyers seek better value outside the South East, resulting in a softening of regional house price gaps.”
“Our database also tells us that completion volumes are up 10% annually, suggesting a rush to the finish line before the Budget as people bet on current certainty - trading in the fog rather than waiting for the storm to clear. For now, cautious momentum is characterising the market, with a pragmatic commitment from buyers and sellers to move forward.
“Looking ahead, I would urge the Chancellor to take into consideration a generation of asset-rich cash-poor downsizers, understanding the limits of raising revenue from perceived wealth rather than income, against decades of unprecedented house price inflation. Clarity after the budget should renew momentum only if underpinned by relative house price stability.”
