Housing market 'turmoil' has peaked, says Propertymark CEO as new statistics released

It represents the third consecutive month of falls in house sales.

Nathan Emerson, CEO of Propertymark, a professional body for estate and letting agents, said there were signs of promise for the housing market.

He said: “2023 has not been without challenges for the housing market, with price fluctuations being a strong indicator of wider economic health.

"We have seen a brutal mix of high inflation and elevated interest rates knock consumer confidence across the year."Propertymark are positive the peak of the turmoil is now hopefully behind us; however, we must tread with caution over the coming months.

"We are currently seeing pockets of house price growth, which is reassuring, but to be fully confident this must be universally seen across the entire UK.”

It comes as UK house prices ended 2023 just 1.8 per cent cheaper than they had been a year earlier despite massive hikes in mortgage rates, with prices even rising in Scotland and Northern Ireland, an index has suggested.

Nationwide said the average house price was unchanged during December compared to the month before.

It means that average prices end the year 4.5 per cent below the all-time peak in the summer of 2022.

The average price of a home was £257,443 in December, Nationwide said.