Propertymark: Comment on Nationwide House Price Index December 2023

Nathan Emerson, CEO of Propertymark, comments on the Nationwide House Price Index for December 2023:

“For many 2023 has been a challenging year, and the same can be said for the impact this has had on the housing market, we have seen high inflation and elevated interest rates. This harsh mix without doubt has translated into people approaching the market with a more cautious mind.

That said, over the last few months we have seen initial positivity starting to return, with inflation steadily coming back down and interest rates holding steady. Propertymark are optimistic the peak of the turmoil has now hopefully passed; however, recovery does take time and we must remain vigilant.

It’s important to remember aspects such as almost 1.4m households across the UK have a fixed rate mortgage deal which will come to an end across the next twelve months. This has potential to cause a ‘shock to the system’ for some homeowners, so it’s vital to promote the idea of forward planning regarding investigating available mortgage deals and ensuring household budgets are well thought out.”