House prices fell 1.8% in 2023

UK house prices fell 1.8% over the course of 2023, according to Nationwide’s House Price Index. Month-on-month, prices were flat compared to November at an average of £257,443. Nationwide said consumer confidence "remains weak", despite some mortgage rates starting to fall, while also noting that the number of housing transactions has been running at around 10% below pre-pandemic levels. The lender’s report suggests there are “encouraging signs” emerging for potential buyers, with expectations pointing to moderate inflation and interest rates. However, Robert Gardner, Nationwide’s chief economist, said a “rapid rebound in activity or house prices in 2024 appears unlikely.” "If the economy remains sluggish and mortgage rates moderate only gradually, as we expect, house prices are likely to record another small decline or remain broadly flat (perhaps 0 to -2%) over the course of 2024," he added. 

City AM (29/12/2023)   Financial Times (29/12/2023)   The Guardian (29/12/2023)   The Times (29/12/2023)