A typical property is now nearly £7,000 cheaper.
While a slowdown was expected,"given the known economic headwinds, and following such extensive house price inflation over the last few years" this latest announcement reflects the"worst of the market volatility over recent months", said Halifax managing director, Russell Galley.
When considering the recent price drop, the property cost increase should also be borne in mind, Ms Kinnaird said. In the last few years,"we witnessed some of the biggest house price increases the market has ever seen", she said.The market may be normalising, she added, as prices are £46,403 more expensive than the pre-pandemic time of March 2020 and £12,000 up on last year.
"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.
The only region where growth did not slow in November was the northeast of England. There the annual growth rose slightly to 10.5%, up from 10.4%. It's also now the only area of the UK with annual house price inflation in double figures, with an average property price of £173,587.
Belgique Dernières Nouvelles, Belgique Actualités
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