The slowdown of the housing market in Britain caused a drop in house prices last month that was the largest since the global financial crises.
The November drop in house prices was 2.3%, the largest since October 2008. This follows a fall of 0.4% in October.
Another indicator of home prices has also indicated a slowdown, with households budgets being squeezed due to rising inflation and higher borrowing costs.
Annually, the growth in house prices slowed down to 4.7% from 8.2% October.
Halifax stated that the drop in month-on-month market volatility “reflects the worst aspects of recent market volatility”.
Ex-prime Minister Liz Truss’s September economic plan – which caused a crash in British financial assets and was amplified through the structure of the retirement industry – had a chilling impact on the mortgage market.
Kim Kinnaird from Halifax Mortgages, said that some potential home moves were halted because homebuyers are feeling more pressure to afford homes. Industry data also continues to indicate that buyers and sellers continue to take stock of the situation while it stabilizes.
According to data, house prices have risen 24% in the past year according to a Reuters poll.