uk housing house prices
Reuters

UK house prices have fallen another 1.7% in November, making the average asking price for a property across Britain £267,127.

According to property tracking website Rightmove, the fall is actually less than economists expected, after analysts forecasted a decline of 2.5% month-on-month.

Year-on-year, house prices have still soared 8.5%.

"Selling is more difficult than it was earlier in the year, though the mini-boom experienced by much of the country has hit the pause rather than the stop button," said Rightmove director Miles Shipside.

"Underlying demand remains strong but has been muted by higher prices stretching affordability at the same time as the ability to borrow more to fund those higher prices has been curtailed by tighter mortgage lending criteria."

The average UK house price in August 2014 was £274,000 (€345,052, $437,283), according to the Office for National Statistics.

This equates to the average property price of £285,000 in England, £172,000 in Wales, £143,000 in Northern Ireland and £200,000 in Scotland.

Last week, the Royal Institution of Chartered Surveyors revealed that UK house prices grew at their weakest rate since May 2013, following a crackdown on mortgage lending and fear that interest rates will rise imminently.

The Bank of England (BoE) has kept UK interest rates at a record low of 0.5% since 2009.

The BoE capped mortgage lending on 1 October while the Financial Conduct Authority installed new affordability checks for homeowners.

This is designed to make sure that Britons are able to withstand a rise in rates after obtaining a mortgage.

On 13 November, BoE Governor Mark Carney confirmed that the central bank is unlikely to raise rates until the middle of next year.