Prices were flat month on month in December, according to Nationwide, with average house prices ending the year at £257,443. He said: “There have been some encouraging signs for potential buyers recently, with mortgage rates edging down. "This shift in view is important, as it has brought down longer-term interest rates, which underpin fixed mortgage rate pricing. “Nevertheless, a rapid rebound in activity or house prices in 2024 appears unlikely. “It appears likely that a combination of solid income growth, together with modestly lower house prices and mortgage rates, will gradually improve affordability over time, with housing market activity remaining fairly subdued in the interim.

Source: The Herald January 01, 2024 19:07 UTC