Nationwide House Price Index says property prices plunged £36,500 in 2023 | Personal Finance | Finance

UK house prices decreased by 1.8 percent compared with a year ago, with East Anglia being the weakest performing region with prices down 5.2 percent over the year.

Northern Ireland and Scotland are the only parts of the UK to see prices rise in 2023.

Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, said: “UK house prices ended 2023 down 1.8 percent compared with December 2022, leaving them almost 4.5 percent below the all-time high recorded in late summer 2022.

“Prices were flat compared with November, after taking account of seasonal effects.”

The average UK house price was £294,000 in December 2022, which is £26,000 higher than 12 months ago.

The number of transactions across the UK was down around 10 percent compared to before the pandemic, and prices are now 4.5 percent below where they were at the all-time high in the late summer of 2022, Nationwide said.

December’s figures showed that prices saw a monthly change of 0.0 percent compared to the previous month. The average price of a property was £257,443.

Emma Jones, Managing Director at Frodsham-based Whenthebanksaysno.co.uk: “Though prices were in the red during 2023, things are definitely starting to improve.

“This has been no ordinary December, with demand remaining high right until the last few days before Christmas. For now, buyers are still holding the cards but this may change in the months ahead if mortgage rates continue to tumble.

“Should the Bank of England cut rates then all bets are off. Any support from the Government for first-time buyers will pour more fuel onto the fire of demand. After a subdued 2023, 2024 is shaping up to be a much more dynamic year for the property market.”