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.
