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    UK house prices fall 1.8% in 2023 after a weak year – business live


    Rolling coverage of the latest economic and financial news, as house prices defy fears of a crash, on the final trading day of 2023

    Jeremy Leaf, north London estate agent, say this morning’s report from Nationwide shows “house price resilience”, adding:

    “Lower inflation and strong employment figures are reducing the sting of serious price rises and providing a more balanced market as we move into 2024.

    “Looking forward, we see a slightly more positive outlook, with is likely to result in more transitions and prices bumping along a little lower over the next few months at least.”

    As inflation falls, downwards pressure on mortgage rates means demand should strengthen and transaction numbers will move closer to their longer-term norms in 2024.

    A tight jobs market, the availability of longer mortgages, the fact more homes are owned outright than with a mortgage and the absence of forced selling due to tougher mortgage stress-testing rules since the global financial crisis have all helped avoid steeper price declines as interest rates normalise.

    Continue reading…

    ​Business | The Guardian

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