Average house prices fell 2.3% in November, reports Halifax, knocking average house price down by almost £7,000 in November
The surge in mortgage rates after September’s mini-budget rocked the financial markets have worried some potential housebuyers.
So says Jason Tebb, CEO of property search website OnTheMarket.com:
“With average property prices falling once again in November, as well as the annual rate of growth slowing, the continued rebalancing of the market is evident.
All the upheaval – the macro-economic challenges and the chatter around fixed-rate mortgages, which although edging downwards are higher than we have grown used to – will inevitably impact the confidence of the average property-seeking consumer.
“Plenty of sellers still seem to think it’s 2021, not realising that to buyers it feels more like 2008.
“The post-pandemic days of soaring prices and the ‘race for space’ as professionals snapped up homes in the middle of nowhere are over.
“In some popular areas the ongoing scarcity of homes will support prices, and the story will be more of a sharp slowdown in activity rather than a crash in prices.”