The latest Nationwide House Price Index, released today, has prompted a measured but cautiously optimistic response from property experts across the UK. Following months of economic uncertainty, shifting tax expectations, and fluctuating buyer sentiment, November’s figures suggest the housing market may be finding its footing once again. Industry leaders point to a blend of stabilising prices, improving affordability, and clearer post-Budget policy direction as early signs that confidence is beginning to return.
Below, three leading voices from across the sector share their insights on what the data means for buyers, sellers, and the market heading into 2025.
Nathan Emerson, CEO of Propertymark comments:
“With so much anticipation built up ahead of the Autumn Budget and continued uncertainty affecting both homeowners and landlords, an easing in house price growth annually is unsurprising. Economic anxiety has clearly influenced decision-making, and the market has responded accordingly.
Even so, the priority now is to fully restore stability heading into the New Year. Expected Stamp Duty reforms were shelved last month, and the thresholds introduced in April have, according to many reports, contributed to weaker prices throughout 2025. With more clarity now available on the incoming mansion tax, we hope this will help rebuild confidence among those looking to move.
However, a slight uplift in house prices month on month is a positive sign given the crucial role that housing plays in driving the UK economy. A confident and active market supports wider economic growth, which is welcome at this point in the year.
With inflation likely to ease in the coming months, consumer affordability should gradually improve. When the economic position allows, further reductions in interest rates will help revitalise mortgage lending and support a healthier market.”
James Nightingall, founder of HomeFinder AI, says:
“In November, a vast proportion of house hunters put their search on hold to first evaluate how the Budget will affect them. This resulted in sales falling through but also created opportunities as developers promoted incentives and some sellers lowered their asking price. The new mansion tax on homes valued over £2 million may encourage some discretionary sellers to list early, which could increase supply at the top end of the market. While the full impact is uncertain, buyers may benefit from a short-term increase in choice before the market stabilises.”
Jonathan Handford, Managing Director at Fine & Country, comments:
“While there might be signs that the market is softening, another month of modest growth is a welcome sign that the market is holding its own as we head into winter.
For buyers and sellers alike, this small rise suggests that activity is quietly stabilising and that the demand-and-supply balance remains healthy in many parts of the country.
Our agents are consistently finding that homes priced and presented realistically are still attracting interest. With affordability improving for some buyers, thanks to gradually easing mortgage costs, and a reasonable amount of stock on the market, motivated buyers are still in the game.
However, with greater choice available, buyers are more discerning, which makes presentation and value for money more important than ever.
From the buyer’s side, this period is starting to look increasingly appealing. Lower and more stable borrowing costs, combined with a comparatively balanced market, are allowing house-hunters to find the right property at a pace that suits them.
Looking ahead, with the dust settling after the Autumn Budget, there is more clarity around tax and property-related rules. Although uncertainty over possible changes had clouded some decisions, the continued upward tick in November shows that confidence is returning. We may even see a surge in activity after Christmas, as people who had previously paused their property search return to the market.
If borrowing conditions remain favourable and sellers stay realistic on pricing, this modest momentum could carry us into a steady run through early 2026.”
Jonathan Hopper, CEO of Garrington Property Finders, commented:
“Nationwide’s data doesn’t yet reflect the uncorking of demand seen since the Budget.
“Over the past week, parts of the market have been enjoying an Indian summer – a flicker of warmth and a rapid thaw following months of slowing transaction numbers and flatlining or falling prices.
“But so far we’re in reset territory rather than a full-on relief rally. Prospective buyers who paused their plans amid the swirl of pre-Budget leaks and rumours have emerged from hiding to find a market blessed with abundant stock and many sellers competing hard on price.
“Above all there is a palpable sense of relief that the most punitive tax rises that the Chancellor was reportedly considering were left out of last week’s Budget.
“Of those that were left in, the mansion tax will disproportionately hit London – 3% of all homes in the capital will have to pay it according to Nationwide – and this will create some distortions in pricing at the £2m mark.
“While it will prove an annual annoyance for many people whose homes have risen rapidly in value over the past decades, it may be little more than a speed bump for very wealthy buyers.
“Of greater concern is the increase in tax on landlords’ rental income, which will prompt more small landlords to sell up – adding to the glut of homes for sale in some areas and driving down prices further.
“But with the Bank of England widely expected to cut interest rates again this month, the prospect of cheaper mortgages coupled with property prices that softened substantially over the past few months could propel the market into a flying start to 2026.
“Many movers chose to put things on hold in the second half of 2025 and the shackles will come off in January. Property portals tend to see a surge in window shopping from prospective buyers on Boxing Day – this year it may start before the Christmas turkey is even cold.”
