Economic Buzz: UK House Prices Fall 2.3% On Month In November

7 Dec 2022 , 03:54 PM

UK housing market continued to slow in November as house prices decreased for a third month in a row and at the steepest rate in over 14 years, suggesting increased market volatility as households reel under the pressures of a cost of living crisis and an economic recession. The house price index dropped 2.3 percent month-on-month, which was the biggest fall since October 2008, survey results from the Lloyds Bank unit Halifax and S&P Global showed Wednesday. The annual rate of growth in house price nearly halved to 4.7 percent from 8.2 percent in October. The average property price dropped to GBP 285,579 in November from GBP 292,406 in the previous month. Homebuyers continued to reassess affordability amid tighter household finances and hence, paused some potential home moves. On the industry side, buyers and sellers are apparently taking stock as the market stabilizes. Property prices remained more than GBP 12,000 compared to the same time last year, and were well above pre-pandemic levels, up GBP 46,403 versus March 2020, Halifax reported. Most regions witnessed a slowing in the annual house price inflation in November, reflecting the slowing property market.Powered by Commodity Insights