Big buyers 'wait and see'

Demand for £500k-plus homes 'dampens amid Budget speculation'

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Home buyer demand for properties priced at more than £500,000 has softened in recent weeks, according to a website.

Zoopla said that, in terms of buyer inquiries, demand for properties priced at more than £500,000 had fallen in recent weeks by 4%, with a 7% decrease in new listings, compared with a year earlier.

Similarly, demand for homes priced at more than £1 million has fallen by 11%, while new listings were down by 9%, the website said.

The website analysed the five weeks to September 21 and compared it with the same period a year earlier.

The report said the data for higher-priced homes "is in sharp contrast to the rest of the market, where demand and supply remain stable".

The website also said that house prices are rising faster in more affordable areas, with "static prices" in markets over £500,000.

Some buyers are adopting a "wait and see" approach ahead of the November Budget, the website said.