Nationwide: House prices fell by 1.8% in 2023 – will they drop further this year?

Nationwide’s latest house price index reveals how the property market performed in 2023

for sale signs
(Image credit: Getty Images)

Average property prices ended down 1.8% during 2023 as the cost of living crisis and high mortgage rates weighed on the housing market throughout the year, the latest Nationwide House Price Index has revealed.

A housing market slowdown was expected in 2023 as high inflation combined with rising interest rates and increased mortgage pricing weighed on buyer budgets.

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Marc Shoffman
Contributing editor

Marc Shoffman is an award-winning freelance journalist specialising in business, personal finance and property. His work has appeared in print and online publications ranging from FT Business to The Times, Mail on Sunday and the i newspaper. He also co-presents the In For A Penny financial planning podcast.