House Prices Drop By 2.3% In A Month - Halifax
UK house prices saw their biggest drop in 14 years in November, falling 2.3%, reflecting "volatility" in the market, according to the Halifax.
The mortgage lender, which is part of Lloyds Banking Group, said the annual rate of growth in property prices dropped from 8.2% to 4.7%.
The average UK house price in November was £285,579, it said.
Higher mortgage rates, economic uncertainty, and the rising cost of living are all affecting the market.
November marks the third month in a row during which prices have fallen with potential buyers playing safe by delaying purchases.
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, this month's fall reflects the worst of the market volatility over recent months.
"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."
Property prices were up more than £12,000 compared with this time last year, and £46,403 higher than in March 2020 when the Covid pandemic began.