The annual rate of house price growth slowed to 4.7%, from 8.2% in October, Halifax said.
The average UK house price in November was £285,579.
Kim Kinnaird, director of Halifax Mortgages, said: "The monthly drop of 2.3% is the largest seen since October 2008 and the third consecutive fall.
"While a market slowdown was expected given the known economic headwinds and following such extensive house price inflation over the last few years (19% growth 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.
This story is from the December 08, 2022 edition of The Herald.
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This story is from the December 08, 2022 edition of The Herald.
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