New seller prices typically fall between the months of October and November, as 1.3% was the smallest drop between them since 2011.
Annual price rises accelerated from 5.6% to October to 6.2% in November.
Typical house prices were £292,572 in November, down from £296,549 in October.
Jeremy Duncombe, director of Legal & General Mortgage Club, said: “Rising house prices will push more people away from their dream of homeownership unless more properties are built to cope with increasing demand.
“There has been a significant shortfall in housebuilding in recent years, and the longer this continues, the larger the backlog in demand will become. The subsequent rise in competition for homes will cause house price inflation to climb further, making homes unaffordable for many prospective buyers.”
He added: “It’s great to see that the government is looking to stimulate housebuilding and make homes more affordable with the Housing and Planning Bill. However, there is still a long way to go before these aims can come to fruition.
“The skills shortage in the construction sector, and the current lack of building materials, show that we need to find new, more efficient ways to build homes if we are to bring balance to the housing market.
“The planning system is also a major hurdle for builders, so any ways in which the government can remove barriers to speed up the housebuilding process would, in turn, bring more properties to market more quickly. Streamlining the current processes and ensuring that construction firms have the capacity to build more homes would go a long way towards solving the UK housing crisis.”
