Autumn Budget 2025

What It Could Mean For London Property

 

The usual October bounce is missing. Rightmove reports asking prices up just 0.3% in the four weeks to 11 October, far below the seasonal norm, as buyers wait to see what the Chancellor announces on 26 November.

Why confidence has dipped

  • Budget uncertainty: Media reports point to potential changes aimed at higher value homes, which makes London particularly sensitive. That wait-and-see behaviour is trimming listings and enquiries. The Times+1

  • Rates backdrop: Bank Rate is 4%, lenders have largely repriced, and many buyers are running the maths before fixing. Affordability is better than early 2024, but still tight. Bank of England

What could change in the Budget

No one knows until Budget day. Policy watchers expect revenue-raising measures rather than giveaways. The date is set for Wednesday 26 November 2025, and housing related taxes are under the microscope. Osborne Clarke+1

Scenarios for London

If you are selling a flat in Zones 2 to 5
Price to the current market, not last spring’s, and focus on pre-Budget buyers who are mortgage ready. If your pool is upsizers using equity, lean on chain strength and flexibility on timings. Data shows momentum, but below normal for October. Reuters

If you are buying between £500k and £1m
Get a fully underwritten Agreement in Principle, and lock a rate with a free switch option. If Budget changes lift transaction costs in higher bands, the sub-£1m segment may see demand bunching in late November, then a calmer December. Rate certainty at 4% Bank Rate helps planning. Bank of England

If you are a landlord
Rental growth has cooled and supply is slowly improving, which means pricing needs to be realistic to avoid voids. Use renewals to protect occupancy, and budget for compliance and any post-Budget tweaks in 2026. Zoopla+1

Micro-moves that work right now

  • Tighten listing lead imagery and floorplans, then go live mid-week to catch weekend viewings.

  • For best-in-class homes, consider a two-phase launch, soft on portals, then a viewing day.

  • Buyers, keep surveys instructed and conveyancers lined up, so you can exchange quickly if Budget noise moves pricing.

Primeland’s view

London is price sensitive, not broken. Stock is higher than a year ago, demand is steadier than 2024, and well-priced homes still sell. The risk is hesitation, not a cliff edge. We expect a pick-up in agreed sales once the Budget lands and uncertainty clears in early 2026. The Times

FAQs

Are London prices falling right now?
Not across the board. Rightmove shows a flat picture year on year, with a small 0.3% monthly rise in October that is softer than usual, as buyers and sellers pause for the Budget. Reuters

Should I list before or after the Budget?
If your buyer pool is mortgage led and sub-£1m, listing now captures scarce, motivated demand. For homes likely to be more tax sensitive, timing may hinge on Budget details and your onward chain. The Times

Where are mortgage rates heading next?
The Bank of England’s Bank Rate is 4%. Lenders move independently, but with the policy rate stable, we expect modest tweaks, not big swings, before year end. Bank of England

Talk to Primeland

Need a pricing brief for your street, or a second opinion on strategy before 26 November?
Primeland Property, 124 Whitechapel Road, London, E1 1JE, 0207 377 5445, primelandproperty.co.uk

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