The slowing of the property market in the UK continues through November 2022 according to the latest data from Halifax Bank. The major mortgage lender recorded an average UK house price fall of -2.3% over the course of the month, compared to -0.4% recorded in October.
All nations and regions, except north east England, saw the rate of annual growth slowing last month. The typical UK property now costs £285,579, down from £292,406 in October.
Kim Kinnaird, director at Halifax Mortgages, says: "Average house prices fell in November as the rate of annual growth slowed further to +4.7%, from +8.2%. The monthly drop of -2.3% is the largest seen since October 2008 and the third consecutive fall."
