The UK housing market is feeling the chill earlier than usual this November. Average asking prices for new sellers have fallen by 1.8% month-on-month to £364,833, marking the sharpest November decline since 2012. This drop is driven by a decade-high number of homes for sale and widespread uncertainty ahead of the Autumn Budget on 26 November
National Trends
- Price Reductions Surge: Over 34% of homes on the market have had price cuts, the highest level since early 2024. Sellers are adjusting to attract cautious buyers who are waiting to see if property taxes change. [luxuriousm...gazine.com]
- Upper-End Impact: Sales agreed for homes over £2 million are down 13% year-on-year, while properties priced between £500k and £2m have dropped by 8%. The sub-£500k market is more resilient, with only a 4% decline. [luxuriousm...gazine.com]
- Mortgage Rates: The average two-year fixed mortgage rate is now 4.41%, down from 5.06% last year, thanks to earlier base rate cuts. Analysts expect a further 0.25% cut in December, which could boost affordability heading into 2026. [luxuriousm...gazine.com]
Exeter and Devon Snapshot
- Exeter Prices: Local data shows steady resilience despite national jitters. Average property prices hover around £295,000, with strong demand for well-located homes.
- Devon Market: The county average sits at £321,000, with detached homes commanding over £500,000. Coastal and rural hotspots like Teign Valley and North Devon continue to attract lifestyle buyers, even as affordability pressures mount. [plumplot.co.uk], [savills.com]
- Rental Growth: Private rents remain high, with Exeter seeing annual increases of 6.5%, outpacing the South West average. This trend makes buy-to-let investments appealing, though landlords must prepare for compliance with the new Renters’ Rights Act. [ons.gov.uk]
What Does This Mean for You?
- Sellers: Price realistically. With more homes on the market and buyers cautious, competitive pricing is essential to secure a sale before the year-end lull.
- Buyers: This is a buyer’s market. If you’re ready to move, you may find motivated sellers and room for negotiation—especially before potential tax changes.
- Landlords: Rising rents and strong demand make Exeter and Devon attractive for investment, but regulatory changes mean professional management is more important than ever.
How Robert Williams Estate Agents Can Help
Our team offers:
- Free, accurate valuations to help you price competitively.
- Expert guidance on timing your sale or purchase amid Budget uncertainty.
- Comprehensive lettings and property management services to keep landlords compliant and profitable.
📞 Contact us today to discuss your next move in Exeter or across Devon.
