Higher mortgage rates and mini-budget turmoil take their toll as buyers and sellers forced to pause
A separate survey revealed demand for rental homes is rising as home buyer activity drops off, according to surveyors House prices fell by 2.3 per cent last month, marking the biggest monthly drop since the 2008 financial crisis, according toThe annual rate of house price growth slowed last month to 4.7 per cent, from 8.2 per cent in October with the average UK house price standing at £285,579 – down from £292,406 in October.
Kim Kinnaird, director of Halifax Mortgages, said: “The monthly drop of 2.3 per cent is the largest seen since October 2008 and the third consecutive fall. She said some potential home moves have been paused as homebuyers experienced affordability pressure with buyers and sellers now taking stock while“Property prices are up more than £12,000 compared with this time last year, and well above pre-pandemic levels .
Halifax said Wales and the South West of England have recorded particularly sharp slowdowns in annual house price growth.
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