Economy

UK house prices finish year down 1.8%, defying outlook for crash

Supply shortages and robust demand helped the market hold up better than most forecasters had predicted

Nationwide Building Society said its measure of property prices fell 1.8 per cent from a year ago in December to £257,443 (€296,427.59). Picture: Getty

UK house prices finished 2023 little changed from a year ago, defying predictions for a sharp downturn, figures from one of the biggest mortgage lenders indicated.

Nationwide Building Society said its measure of property prices fell 1.8 per cent from a year ago in December to £257,443 (€296,427.59), slightly higher than the 1.3 per cent drop economists forecast last week but much less than the 10 per cent drop most had expected a year ago.