Press Round Up November 2025

Fri 02 Jan 2026

Average property prices in the UK rose to a new record high of £299,862 in October, according to the Halifax. Jeremy Leaf, principal of Jeremy Leaf & Co, told The Standard: “Once again, the market is baring its teeth. Although sentiment is split between upsizers who believe prospects will improve and downsizers who think it may deteriorate as a result of Budget measures, fortunately enough buyers and sellers have confidence in longer-term prospects."

The more historical but none-the-less authoritative house-price index from the Office for National Statistics found that prices increased by 2.6 per cent in the 12 months to September. Jeremy Leaf told The Telegraph: “These figures are important, not just because they are the most comprehensive of all the market surveys as cover mortgaged and cash sales but they show house prices are not immune from the Budget and other distractions.” He explained further to Forbes: “On the ground, buyers and sellers are naturally concerned about what the Chancellor might do, so transactions are more protracted, and some prices are being renegotiated. However, we note an underlying determination to proceed, particularly while wage growth is exceeding inflation, which is now hopefully under control as confirmed in today’s figures."

A Daily Mail reader wrote in asking for advice after their estate agent advised they reduce the asking price of their property. Jeremy Leaf told The Daily Mail: “Property overvaluing in present market conditions will almost certainly prove to be counterproductive. Other than in certain ‘micro markets’ where demand may exceed supply – for example, sought-after roads in school catchment areas which rarely become oversupply – there is a general oversupply, mainly of flats. The asking price is not the value of a house and will determine if buyers are interested so it’s important to get it right. Rightmove found that a property which receives an enquiry on the first day of marketing is 22 per cent more likely to find a buyer than a home which takes more than two weeks to receive its first enquiry."

Rachel Reeves announced in the Budget that property owners with homes worth more than £2m will face a recurring annual surcharge that will rise each year in line with inflation. However, Jeremy Leaf was sceptical as he told The Telegraph: "I wish the Government luck trying to revalue all those properties and dealing with the arguments around the ‘pinch points’. As a result, the cost of the exercise could turn out to be higher than the extra sums making their way into Treasury coffers.”

House sales in October were 2 per cent down compared with the same month a year earlier, according to HMRC. Jeremy Leaf told The Express: “As affordability gradually improves, especially with another base rate cut looking likely, we expect transaction numbers to pick up.” He explained further in The Independent: "With the Budget out of the way, and mansion tax are likely to raise relatively little additional revenue, especially given the deferred payment date, the impact on housing market activity should be minimal at worst.”