The Nationwide Property Index has today published the latest UK house prices data for December 2022.
The average UK house price fell in December by 0.1% to £262,068. This follows a fall in November of 1.4% and is the fourth consecutive monthly fall. All regions fell but the South-West suffered the biggest fall with demand for Cornwall and Devon slipping away as winter sets in and buyers head back to towns and cities with demand for returning to the office on the increase.
It is to be expected that property prices have fallen after the crazy demand during and after lockdown and with the UK now in recession, inflation high, and energy costs pressure as well as interest rate increases.
We expect house prices to continue to fall by around 5-8% but this will stabilise as first time buyers start to come back to the market when properties become more affordable.