House prices fall nearly 2% over year
House prices fell 1.8 per cent over the course of 2023, and are unlikely to rebound next year according to Nationwide. The decline since last December leaves the average price almost 4.5 per cent below the all-time high recorded in late summer 2022. Nationwide predicts that they will likely remain flat or record a fall of up to 2 per cent in the year ahead. Robert Gardner, the building society’s chief economist, said: “Housing market activity was weak throughout 2023. The total number of transactions has been running at around 10 per cent below pre-pandemic levels over the past six months, with those involving a mortgage down even more (around 20 per cent), reflecting the impact of higher borrowing costs.Continue Reading