UK house prices dropped by 1.8% during 2023, according to eagerly followed Nationwide house price index, with the market’s performance described as weak throughout the year.
Commentators have put the decline down to the rise in mortgage lending costs, which sit more than three times higher than 2021 despite recent easing.
Prices in England fell by 2.9% and house prices down 1.9% in Wales. The decline was greater in the south than in the north.
Only two regions saw price rises in the UK; Northern Ireland price increases of 4.5%, and Scotland’s market was up slightly by 0.5%.
Prices in the North Perform Comparatively Well
Across northern England, comprising the north, north-west, Yorkshire and the Humber, east Midlands and West Midlands regions, prices fell by 1.8%, with the smallest decline, of 0.5%, in Yorkshire.
However, in southern England, made up of the south-west, outer south-east, outer metropolitan, London and East Anglia regions, values fell by 3.4%.
London was the most resilient of the southern regions, with a 2.4% annual decline, but the largest decline of any region in the UK was in East Anglia, down 5.2%.
Nationwide expects prices to remain flat or fall slightly in 2024, compared with an estimate by the rival Halifax, which has predicted falls of up to 4%.
Selling Houses Gets Harder
The flimsier housing market in 2023 led residential house sales to plummet by 22% in the year to November, at 80,780, according to statistics from HMRC. The findings paint a grim picture for people looking to sell their houses fast.
Prices were stagnant in December, according to Nationwide, with average house prices ending the year at £257,443. There is some good news for Liverpool’s homeowners, however, who saw a +0.4 change in the month.
This was the sixth highest of UK cities, in a study of 19, with Belfast coming out on top with a 3.2% rise, whilst Southampton bottomed out with a 2.4% decline.
The bleak housing landscape is touted to remain in a similar state for the most part of the new year ahead, though falling inflation suggests the market will eventually see recovery.
Sell Your House Fast in Liverpool
Liverpool House Buyers understand people are motivated to selling houses for a number of reasons, and each seller in a different situation to the next.
To sell your house in Liverpool, typically an agent would require a number of viewings, access to the house for marketing, after which the house remains on the market for an indefinite amount of time.
For a faster and hassle-free house sale, contact Liverpool House Buyers today and get your commitment-free quote. Offers on any house, in any condition, within 48hours.
