UK House Prices Drop 1.8% in 2023

However,
December’s
decline
was
slightly
steeper
than
the
1.4%
pencilled
in
by
the
market.
Compared
to
their
all-time
high
in
late
summer
2022,
house
prices
were
4.5%
lower.

On
a
monthly
basis,
the
Nationwide
index
showed
no
change
in
seasonally-adjusted
UK
house
prices
in
December,
after
a
0.2%
rise
in
November
from
October.
December’s
reading
was
in
line
with
FXStreet-cited
market
consensus.

In
December,
the
average
UK
house
price
stood
at
£257,443,
down
slightly
from
£258,557
the
prior
month,
without
seasonal
adjustment.

Commenting
on
the
December
figures
from
the
index,
Robert
Gardner,
Nationwide’s
chief
economist,
says:
“Housing
market
activity
was
weak
throughout
2023.
The
total
number
of
transactions
has
been
running
at
circa
10%
below
pre-pandemic
levels
over
the
past
six
months,
with
those
involving
a
mortgage
down
even
more,
circa
20%,
reflecting
the
impact
of
higher
borrowing
costs.
On
the
flip
side,
the
volume
of
cash
transactions
has
continued
to
run
above
pre-Covid
levels.

“Even
though
house
prices
are
modestly
lower
and
incomes
have
been
rising
strongly,
at
least
in
cash
terms,
this
hasn’t
been
enough
to
offset
the
impact
of
higher
mortgage
rates,
which
in
recent
months
were
still
more
than
three
times
the
record
lows
prevailing
in
2021
in
the
wake
of
the
pandemic.”

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