Statistics from the Halifax released that the average house price fell by -2.3 per cent in November vs -0.4 per cent in October with the typical UK property now costing £285,579 down from £292,406 in October.
The rate of annual growth slowed in all but one region (the North East) during November with a similar slowing trend in North Ireland, Scotland and Wales.
Kim Kinnaird, director at 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% since March 2020) – 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.
“When thinking about the future for house prices, it is important to remember the context of the last few years, when we witnessed some of the biggest house price increases the market has ever seen. Property prices are up more than £12,000 compared to this time last year, and well above pre-pandemic levels (+£46,403 vs 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.”
All these houses and flats are on sale on Zoopla at the moment for around the average house price of £285,579.
1. Two bed detached bungalow for sale in Littlehampton
Two bedroom detached bungalow, located within a short walk to Littlehampton town centre and local amenities on the market for £285,000 with Purplebricks on Zoopla. Photo: Zoopla
2. Three bed terraced house for sale in Bexhill-On-Sea, East Sussex
This house is on the market for £284,000. A well presented three bedroom mid-terraced house situated in the 'Pebsham' area of Bexhill which is located within easy reach of Ravenside Retail Park, local primary school, Bexhill College & Glyne Gap seafront. It is on the market with New Foundations on Zoopla. Photo: Zoopla
3. Two bed flat in Goring by Sea
Two bedroom ground floor flat purpose built freehold flat with the benefit of its own private entrance, no ongoing chain along with having recently been redecorated and having new flooring throughout. It is no the market with Michael Jones Estate Agents for £285,000 with Zoopla. Photo: Zoopla
4. Two bed flat, Saltdean, Brighton
This two bedroom flat in Saltdean, Brighton is on the market £285,000. It has two bedrooms, two bathrooms and one reception. It is close to the high street and there is use of a private gym (subject to membership fee). It is on the market with Hamptons - Brighton & Hove Sales and on Zoopla. Photo: Zoopla