House prices fell 2.3% in November, their biggest monthly drop since the 2008 global financial crisis.
The average sale price fell to £285,579 in November, down from £292,406 in October, according to Halifax, in the third biggest fall since the lender’s records began in 1983.
It is the third month in a row that house prices have fallen. During the quarter, house prices fell by 1%.
The figures confirm data published by Nationwide earlier this month.
It comes as interest rates hit 3%, their highest level since November 2008, raising borrowing costs for people looking to take out a mortgage.
The annual rate of house price growth slowed to 4.7%, from 8.2% in October.
Halifax figures showing a monthly drop in home prices add to evidence that the housing market may be headed for a longer slump.
Mortgage lender Nationwide Building Society said last week that house prices fell 1.4% in November, which, excluding the pandemic, represents the fastest fall since the global financial crisis.
Mortgage rates soared above 6% in recent weeks, also the highest level since the global financial crisis, making it harder to get on the property ladder.
While they have ticked slightly below that level in recent days, they are still substantially higher than the nearly 1pc deals that were available in 2021.
The Bank of England has signaled it will continue to raise interest rates, prompting investors to anticipate a half-point increase to 3.5% next week. Kim Kinnaird, director of Halifax Mortgages, said:
Some potential home flips have stalled as buyers feel increased pressure on affordability.
Industry data continues to suggest that many buyers and sellers are taking stock as the market continues to stabilize.