HOUSE prices were just 1.8 per cent cheaper at the end of 2023 compared to last year, despite massive hikes in mortgage rates.
And prices in Scotland and Northern Ireland rose.
House prices only dropped slightly despite the big rise in mortgage ratesAlamy
The average house price stayed at £257,443 in December, the same as last month.
Nationwide’s chief economist Robert Gardner, said: “The number of transactions has been running at ten per cent below pre-pandemic levels over the past six months, with those involving a mortgage down even more, reflecting the impact of higher borrowing costs.
“A rapid rebound in prices in 2024 appears unlikely.”
In England prices were down 2.9% compared to a year ago, and in Wales they dropped 1.9%.
A recent survey showed seven in 10 first-time buyers are willing to compromise to get on the property ladder – including the size of the garden, location and number of bedrooms.
A poll of 1,000 adults who plan to buy their first home within the next three years found 42% are happy to have a smaller garden if it means they can buy a property.
37% are happy to be further away from where they initially wanted to be.
In fact, 67% expect their first home will likely be on the smaller side.
But 47% will consider overbidding to make their property dream a reality