The lender has seen last month's slump - the largest since December 2006 - reduce the annual rate of growth down to 6.3 per cent. This compares with 8.9 per cent in October.
More worryingly, it is the first time since 1995 that Halifax figures have shown house prices falling over three consecutive months.
"The UK economy is in sound shape," said Martin Ellis, chief economist at Halifax, adding that "Strong market fundamentals, a structural housing supply shortage and pent-up demand from a large number of potential first-time buyers will support house prices, preventing a sustained and significant fall.
"A mixed pattern of monthly price rises and falls is a typical feature of a more subdued housing market. For example, there were six monthly falls and six monthly increases between July 2004 and June 2005 as the market slowed in response to a series of interest rate rises during 2004. It is not unusual to see successive monthly falls in these circumstances."
Halifax also suggested that the ongoing inability of the rate of housebuilding to match the pace of new household formation will support house prices.
Market activity is undoubtedly lower though with mortgage approvals falling by 12 per cent, with November approvals alone dropping back by 32 per cent than a year earlier.
Completed property sales are also down 15 per cent annually, with new buyer interest dropping back for the eleventh successive month.
