The average house price in the UK fell at the sharpest pace since early 2021, according to figures from Halifax. Prices fell by 0.4% in October, which was the third decline in four months. The annual rate of growth in house prices fell to 8.3% from 9.8%.
Across the UK, the average house price in October was £292,598, which was the lowest figure since May, although typical prices remained near record highs.
Despite the recent falls, house prices are still well above their pre-financial crisis levels.
The evidence suggests that the housing market is cooling off after a period of strong growth. This is likely to be due to a combination of factors, including rising interest rates, slowing economic growth and affordability constraints. However, it is worth noting that the monthly figures can be volatile and house prices may start to rise again in the coming months.
We will keep you posted on any changes.