From Morningstar:

UK house prices remained steady in December, but dropped 1.8% over the year, according to Nationwide. This is a slight improvement from the 2% fall recorded in November and the 3.3% decline in October. However, December’s 1.8% drop was slightly more severe than the 1.4% expected by the market.

On a monthly basis, there was no change in seasonally-adjusted UK house prices in December. The average house price in December was £257,443, down from the prior month.

Nationwide’s chief economist, Robert Gardner, stated that housing market activity was weak throughout 2023, attributing it to lower mortgage transactions due to higher borrowing costs. Despite modestly lower house prices and rising incomes, this hasn’t been enough to offset the impact of higher mortgage rates, which are still more than three times the record lows prevailing in 2021.



Read more: UK House Prices Drop 1.8% in 2023