A Devon estate agent has said they are having to work “much harder” as new figures reveal that the UK’s average annual house price has dropped again.

Halifax’s House Price Index for November 2022, which demonstrates the rise and fall in house prices across the country, reports that house prices fell by 2.3 per cent in November, compared to a 0.4 per cent drop in October.

This means that the average house price in the UK is now £285,579, down by approximately £7,000 from October’s £292,598.

This equates to an annual rate of growth of 4.7 per cent, down from 8.3 per cent.

The figures represent the fourth house price drop in the past five months, following a period of house price inflation post-pandemic.

Devon estate agent Mansbridge Balment has said that the drop is causing challenges for agents, but that it is “nothing new”.

Nick Henderson, managing director of Mansbridge Balment, commented: “2023 is going to be challenging for us all with increasing pressure from the cost of living generally.

“It is likely that the property market will continue to adjust to these pressures and, as a consequence, some of the prices seen over the last couple of years are unlikely to be repeated.

“Since the summer the rate of sales has slowed but it hasn’t dried up entirely.  In fact, what is happening now is that sellers are adjusting their expectations and realigning pricing strategy accordingly.

“Estate agents with their fingers on the pulse of the market are still able to bring buyers and sellers together – this may be at a lesser amount than before but a sale is still achievable.

“Estate agents now have to work much harder to bring about sales. They will have to think outside the box and revert to a more traditional approach to build chain sales and guide sellers carefully to reach their objectives.

“The message has to be that, despite the market having changed in a relatively short time, this is nothing new.

“If you need or want to move a good estate agent will help you achieve just that.  As in the past, it is in a market such as this that clients need experienced advice.”