UK-wide buyer demand dropped 12 per cent year on year

Budget uncertainty and a glut of supply caused house prices in London and the south to record an annual for the first time since last spring, according to new data.

London house prices fell 0.1 per cent year on year, while prices in the south east and the south west fell by 0.1 per cent 0.2 per cent, respectively, according to Zoopla.

The property platform found that “Budget speculation around property taxes has contributed to a drop in home buyer demand and sales agreed”.

Rumours of an annual property tax on homes worth more than £500,000 were particularly destabilising for the London market, where over 51 per cent of houses would have been affected.

“The Budget bark was worse than the Budget bite for the housing market,” Ri

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