House prices reach five-month low

House prices in the UK fell by 0.4 percent in October following several months of unprecedented turbulence in the market. According to new data from Halifax’s House Price Index, the average property value is now down from £293,664 to £292,598, marking a five-month low for asking prices. Though Jonathon Rolande, founder of House Buy Fast noted that the drop has come as “no surprise” considering the lasting effects of the mini-budget, the latest figures mark a significant turning point in the post-pandemic market. Jonathon Rolande, founder of House Buy Fast told Express.co.uk: “The fall of 0.4 percent, meaning the average home has lost just over £1,000 in value, is relatively insignificant.”However, the continuation of similar monthly drops will see the current annual growth of over eight percent eroded, meaning that people who bought in the summer could be the first to see the value of their home drop below the price they paid.”Those who wish to see a stable property market will be hoping for positive policies in the Autumn Statement in just over a week.”Halifax data showed that the growth rate slowed in all but one region in England during October, with a similar trend visible in Northern Ireland, Scotland and Wales.READ MORE: Remove yellow pillow stains with 4p kitchen staple – ‘no effort’ House price fall by more than £1,000 reaching a five-month low – cheapest regions mapped (Image: GETTY) House prices remain high across the UK despite the five-month low (Image: Getty)Northern IrelandHouse prices in Northern Ireland have continued to rise year-on-year, having increased by 9.5 percent in October.This eased from an increase of 10.9 percent during September. According to Halifax, the average property price remains some £46,500 below its pre-financial peak crisis in 2007, with a current value of £184,440.ScotlandAnnual house price inflation slowed to 7.5 percent in October compared to 8.3 percent in September. A typical property in Scotland now costs £203,820 – £89,844 below the UK average. DON’T MISS:’Ideal solution’ to stop decking from getting slippery in winter [INSIGHT]Simple trick to tell who owns which side of the fence [REVEAL]Five noises you should never ignore at home – or risk paying £100s [LATEST] Northern Ireland and Scotland remain the cheapest parts of the UK to buy a home (Image: Getty)According to Halifax data, property inflation weakened across all buyer types last month, though the price drop is notable for first-time buyers.Annual price growth among homeowners increased by 8.9 percent in October, down from a 10.3 percent rise in September, while first-time buyers saw a more significant drop of 2.6 percent.First-time buyer annual growth rose by 7.5 percent in October compared to 10.1 percent in September.Halifax noted that this drop was “not surprising” given the “greater challenges” faced by this buyer type – particularly raised deposits, and tighter loan-to-value mortgage requirements.