House prices fell again in December

Figures from Nationwide show that house prices fell for the fourth consecutive month in December. The price of an average UK home fell by 0.1% to £262,068 between November and December, down by a little over £1,700 compared with November. Year-on-year, the pace of price growth slowed from 4.4% to 2.8%. This was the lowest rate of growth since the 1.5% recorded in July 2020. Nationwide's chief economist, Robert Gardner, said the recent weakness in mortgage applications “may, in part, represent an early seasonal slowdown,” adding: “With the chaotic backdrop and elevated mortgage rates in recent months, it wouldn't be surprising if potential buyers have opted to wait until the New Year to see how mortgage rates evolve before deciding to step into the market.” The slowdown in the annual rate of increase in house prices was recorded throughout the country in the past three months, most dramatically in Scotland, where prices rose by 3.3%. House prices rose by an average of 4.8% across the UK. 

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