Cost of living: House prices drop by 2.3% in a month - Halifax

UK location prices saw their biggest driblet successful 14 years successful November, falling 2.3%, reflecting "volatility" successful the market, according to the Halifax.

The owe lender, which is portion of Lloyds Banking Group, said the yearly complaint of maturation successful spot prices dropped from 8.2% to 4.7%.

The mean UK location terms successful November was £285,579, it said.

Higher owe rates, economical uncertainty, and the rising outgo of surviving are each affecting the market.

November marks the 3rd period successful a enactment during which prices person fallen with imaginable buyers playing harmless by delaying purchases.

Kim Kinnaird, manager of Halifax Mortgages, said: "While a marketplace slowdown was expected fixed the known economical headwinds - and pursuing specified extended location terms ostentation implicit the past fewer years, this month's autumn reflects the worst of the marketplace volatility implicit caller months.

"Some imaginable location moves person been paused arsenic homebuyers consciousness accrued unit connected affordability and manufacture information continues to suggest that galore buyers and sellers are taking banal portion the marketplace continues to stabilise."

However, she said that the falls should beryllium enactment into context, fixed the accelerated summation successful spot prices successful the past fewer years,

Property prices were up much than £12,000 compared with this clip past year, and £46,403 higher than successful March 2020 erstwhile the Covid pandemic began.

The Halifax said Wales and the South West of England had recorded peculiarly crisp slowdowns successful yearly location terms growth.

Both had been astatine the forefront of location terms ostentation during the pandemic, erstwhile the alleged contention for abstraction among buyers boosted request for agrarian oregon coastal properties.

The Halifax survey, based connected the lender's ain data, comes soon aft the rival Nationwide Building Society said prices fell 1.4% from October to November - the largest month-on-month autumn since June 2020.

Mortgage rates are overmuch higher than astatine immoderate clip during the past decade, though earlier this week, the mean complaint connected a new, fixed-rate 2 oregon five-year woody fell beneath 6% for the archetypal clip for 2 months.

Tomer Aboody, manager of spot lender MT Finance, said: "With different autumn successful spot prices successful November, buyers and sellers are intelligibly demonstrating much caution owed to higher owe rates and the ever-rising outgo of living.

"As with immoderate autumn successful pricing, purchaser sentiment and assurance is key. But considering the macro-economic and seasonal factors affecting each consumers, on with the month-on-month increases seen implicit the past 18 months oregon so, the diminution needs to beryllium enactment into discourse arsenic it is inactive minimal."