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House prices recorded their biggest monthly decline since early 2021, in October, according to new figures.
Halifax said average real estate values fell 0.4%, the third decline in the past four months.
The most recent monthly decline comes after a 0.3% gain in August after falling 0.1% in both July and September.
Annual house price growth slowed to 8.3% in October from 9.8% recorded in September.
The average home price in October across the UK was $292,598, the lowest since May of this year, Halifax said.
Annual price growth among homeowners fell from 10.3% in September to 8.9% in October.
Halifax said it was more notable that the slowdown in first-time buyer price growth slowed to 7.5% in October from 10.1% in September.
Halifax said the faster slowdown in prices is not surprising given the greater difficulty for first-time buyers in raising deposits and the stricter requirements for higher-value mortgages.
“The 0.4% drop is the sharpest decline since February 2021,” said Kim Kinnaird, director of Halifax Mortgages.
The recent period of rapid home price inflation may have come to an end, but it’s important to keep this in context with the average real estate price rising over 22,000 in the last 12 months and nearly 60,000 (25.7%) in the last three years. Years, this is important.
Recent events have encouraged people with existing mortgages to look at options and some homebuyers to take a break.
Kim Kinnaird, Halifax Mortgage
Although a recession was expected after the pandemic, it is clear that the housing market was hit hard by the mini-budget, which saw mortgage rates soared.
These rates are likely to have peaked for now after previously announced fiscal measures were withdrawn, but recent events appear to have encouraged those with existing mortgages to look at options and pause some homebuyers.
Not surprisingly, we’ve seen a rise in consumer awareness, with mortgage approvals and loan demand declining, according to industry data.
Rising cost of living combined with the already increased likelihood of buying a mortgage is expected to continue to strain activity levels.
Economic headwinds indicate that home prices are pointing to a much slower period as tax hikes and spending cuts are expected in the fall report.
It is likely that certain long-term structural market factors will remain supporting higher home prices, such as the lack of available real estate, but ultimately how much prices will adjust will be determined by the performance of the labor market.
Unemployment is currently at historically low levels but is expected to rise as expectations grow that the UK will enter a recession.
It may not soar as much as seen in previous recessions, but history tells us how this situation develops over the next few months will be a key determinant of how house prices perform next year and beyond.
Last week, the Bank of England raised its key rate to 3% from the previous 2.25%.
This is the latest in a series of base rate hikes, which means average monthly tracked mortgage payments will increase by a total of 284.17 since December last year, according to figures from trade association UK Finance.
Andrew Simmonds, Director of Parkers Estate Agents in Bristol, said: “Since the summer Ive told the sellers 12 months ago that the house was worth it. I lost direction because they said nah.
He added. Since then, many people have come to me and said: You are right.
North London real estate agent Jeremy Leaf said: We are not seeing prices or agreed sales collapsing.
Nathan Emerson, CEO of real estate brokerage Propertymark, said more homes are on the market, giving buyers more options.
He added: So, this means we can be more fair with offers that we could see prices naturally lower in the coming months.
Jason Tebb, CEO of real estate search website OnTheMarket.com, said:
“Inflation at 10.1%, the highest in 40 years, interest rates at 3%, the economy slowing and the mortgage market are still wobbly under the influence of Leeds Truss’ presidency,” said Alice Haine, personal financial analyst at Bestinvest. , affordability is very much in the spotlight, and buyers have to face whether now is really the right time to buy.
According to Halifax, the average house price in October is:
East Midlands, 244,842, 10.5%
Eastern England, 340,607, 8.4%
London, 551,320, 6.8%
Northeast, 172,337, 10.3%
Northwest, 229,762, 11.4%
Northern Ireland, 184,440, 9.5%
Scotland, 203,820, 7.5%
Southeast, 399,080, 9.1%
South West, 310,737, 10.8%
Wales, 222,852, 11.7%
West Midlands, 254,962, 11.7%
Yorkshire and the Humber, 208,717, 11.0%
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