House prices have seen their biggest monthly drop in 14 years, new figures show. Values fell by 2.3% in November, the biggest monthly decrease since 2008, Halifax said.
The average cost of a house in the UK was £285,579 in November. Halifax said that the annual rate of house price growth slowed to 4.7%, down from 8.2% in October.
Kim Kinnaird, director of Halifax Mortgages, said: “The monthly drop of 2.3% is the largest seen since October 2008 and the third consecutive fall. 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.
