"While average selling prices held steady at around £352,500, this marks a shift from the declines seen earlier in the year and suggests we may be entering a more settled phase"
- Rob Owens - e.surv
Average house prices in England and Wales held at £352,500 in November, according to the latest e.surv Acadata House Price Index. The figure was virtually unchanged from October and reflects a period of stabilisation after several months of gradual softening.
Market activity eased during November as buyers and sellers waited for clearer guidance around the Autumn Budget. The brief rise in transactions recorded in October provided some momentum; however, confidence dipped again once the budget’s tax measures became the focus of attention.
Annual price falls were recorded across all regions in October. London dropped by 5.0%, the South East by 6.1%, and the South West by 4.9%. Several northern regions, including Yorkshire and the Humber, the North East, and the North West, showed slight monthly improvements, a pattern that underscores the widening contrast between northern and southern market conditions. This divergence continues to shape overall performance, with southern declines offsetting northern resilience.
The forthcoming Council Tax surcharge on homes valued above £2 million is not due until April 2028, although its anticipated arrival is already influencing behaviour. Approximately 85% of the properties that fall within this threshold are located in London and the South East. Early indications show softer sentiment at the upper end of the market, while affordability across the broader housing landscape is showing signs of gradual improvement.
“After October’s seasonal bounce, the market paused in November as many awaited the Autumn Budget,” said Rob Owens, head of research at e.surv. “While average selling prices held steady at around £352,500, this marks a shift from the declines seen earlier in the year and suggests we may be entering a more settled phase.”
“Regional dynamics remain a key part of the story,” Owens explained. “Southern England, particularly London and the South East, continues to weigh down national figures, while parts of the North are showing greater resilience – and in some cases, modest monthly growth.”
“The proposed Council Tax surcharge on £2 million-plus homes is already having a subtle effect, even ahead of its 2028 implementation, and it's likely to continue shaping buyer behaviour at the top end,” Owens noted. “While its direct impact will be narrow, centred on high-value markets, its influence on sentiment is more widespread.”
“Looking ahead, steady wage growth and the prospect of base rate cuts could support a gradual recovery in 2026, particularly if policy continues to nudge affordability in the right direction,” Owens said. “Rest of the quote continues here.”
