HOUSE prices recorded the biggest monthly fall in October since early 2021, according to the UK's longest-running monthly house price survey although year-on-year prices in the South West still rose by 10.8%.
The average property value across the country fell by 0.4%, marking the third month-on-month drop seen in the past four months, Halifax said.
The latest month-on-month decrease follows monthly falls of 0.1% in both July and September and a 0.3% increase in August.
Annual house price growth slowed to 8.3% in October, from 9.8% growth recorded in September.
Across the UK, the average house price in October was £292,598, which was the lowest figure since May this year, although typical prices remained near record highs, Halifax said.
In the South West, the average price of a house now stands at £310,737, but one financial adviser warned that further falls were bound to follow.
This story is from the November 09, 2022 edition of The Herald.
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This story is from the November 09, 2022 edition of The Herald.
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