UK house prices have fallen year-on-year for the first time since January 2024, as rising stock levels force sellers to compete harder for buyers. It marks the first annual fall in 18 months and follows months of subdued activity across the market. However, the extra supply is beginning to weigh on prices, particularly in the South, where values are highest. The South West has recorded a 1.3 per cent annual fall in prices, while the West Midlands slipped into negative territory with a 0.1 per cent decline. “The risk now is that uncertainty around tax reform slows the market just as transactions begin to pick up.”