The average price tag on a newly marketed home has dropped by more than £5,000 in November, according to a property website.

Across Britain, the typical asking price for a home coming onto the market is £366,592, down by 1.4% or £5,366 month-on-month, Rightmove said.

The usual drop seen at this time of year is 0.8% and November is the second month in a row that price growth has been weaker than usual, Rightmove said.

In October prices increased by a tiny 0.3%, which was lower than the typical 1.3% rise for that month.

Experts have warned that the market is particularly price-sensitive, and seller competition is at its highest level for a decade.

Bank of England base rate cuts are now forecast to be slower-paced, which is seeing mortgage rates bounce back up again.

The average price tag on a newly marketed home fell by more than £5,000 in November, according to a property website.

Across Britain, the typical asking price for a home coming onto the market is £366,592, down by 1.4% or £5,366 month-on-month, Rightmove said.

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The usual drop seen at this time of year is 0.8% and November is the second month in a row that price growth has been weaker than usual.

In October prices increased by 0.3%, which was lower than the typical 1.3% rise for that month.

Rightmove expects asking prices to increase by 4% across 2025, but it cautioned that the market remains price-sensitive, and seller competition is at its highest level for a decade. The end of Stamp Duty relief next year will see a hike in costs for many buyers, leading to a rush to complete before April 2025.

While more mortgage rate cuts are still expected during 2025, Bank of England base rate cuts are now forecast to be slower-paced, Rightmove said.

Tim Bannister Rightmove’s director of property science said: "The speed at which mortgage rates come down next year will be key in determining activity levels for some of the market’s traditionally busiest periods, and sellers will still need to price temptingly enough to secure a buyer while the choice of homes for sale remains as high as it is right now."

New research by Yopa has found that the property market has picked up the pace in the two weeks since the Autumn Budget, with 84,000 more homes listed for sale - an increase of 11.4%.

Every region of Britain and every major city analysed by Yopa has seen an increase in for sales stock levels since the Autumn Budget.

Regionally, the largest increase has been seen across Scotland at 12.7%, with the North East (+12.3%) and London (+12.2%) also seeing some of the largest increase in for sale stock levels.

Wales has seen the smallest influx of new homes listed for sale, although there has still been a 9.5% increase in the last two weeks alone.

Yopa CEO Verona Frankish, says: "There’s always a sense of uncertainty in the run up to a major budget and so it’s hardly surprising that many home sellers may have been sitting on the fence to see just what Chancellor Rachel Reeves had up her sleeve for them.

"The answer was unfortunately not a great deal and now that the Autumn Budget is done and dusted, we’ve seen a significant increase in the number of sellers entering the market.

This is a smart move given the fact that there was no extension to current stamp duty relief thresholds granted and we’re now likely to see an uptick in demand over the coming weeks as homebuyers look to purchase ahead of next year’s March 31 deadline."

The research shows that there are currently 823,898 homes listed for sale across Britain and 84,065 of those have entered the market since the Autumn Budget alone.