The average house price dropped by 2.3% in November compared to October, leaving the national average house price at £285,579.
The annual rate of house price growth slowed to 4.7%, from 8.2% in October, according to Halifax's index. This is the largest seen since October 2008 and the third consecutive fall in price.
Some potential home moves have been paused as homebuyers feel increased pressure on affordability and industry data continues to suggest that many buyers and sellers are taking stock while the market continues to stabilise. However, house prices currently are still above pre-pandemic levels.
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The average house price in the North West is £229,218, an annual increase of 9.4%.
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Kim Kinnaird, director of Halifax Mortgages, said: “While a market slowdown was expected given the known economic headwinds – and following such extensive house price inflation over the last few years (19% growth since March 2020) – this month’s fall reflects the worst of the market volatility over recent months.
“Property prices are up more than £12,000 compared with this time last year, and well above pre-pandemic levels (a £46,403 increase compared with March 2020).
“The market may now be going through a process of normalisation. While some important factors like the limited supply of properties for sale will remain, the trajectory of mortgage rates, the robustness of household finances in the face of the rising cost of living, and how the economy – and more specifically the labour market – performs will be key in determining house prices changes in 2023.”
Jason Tebb, chief executive officer of property search website OnTheMarket.com said: “All the upheaval – the macro-economic challenges and the chatter around fixed-rate mortgages, which although edging downwards are higher than we have grown used to – will inevitably impact the confidence of the average property-seeking consumer.
“However, people move for many different reasons and that’s not going to change, even if conditions are more challenging.”
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