The decline in annual house price growth across England and Wales is easing, new data published by e.surv has indicated.

Average house prices increased on a monthly basis house prices rose by 0.2% in December, a climb worth £550, and now stand at a level last seen in February 2022.

e.surv’s data suggested that annual house price growth eased from -3.7% in November to -3.5% in December, leaving the average house price at £362,187 at the end of 2023.

Director at e.surv, Richard Sexton, suggested that the continued fall in the rate of inflation and its subsequent impact on mortgage pricing is “slowly beginning to feed into the housing market”.

“The annual average sale price of homes in England and Wales that were sold and completed in December fell by some £13,150, or -3.5%, a reduction in November’s rate of -3.7%,” Sexton added.

“Our data includes all transactions whether using cash or mortgage finance so gives a reliable picture of what is actually happening across the entire market. This shows us that this is the first time in the last 16 months in which the annual rate has improved over the previous month.

“Looking forward, with no further anticipated interest rate rises predicted – and indeed cuts perhaps from as early as May – and the prospect of a pre-election budget that will to some degree address housing market woes, we can expect borrowers to continue to benefit from lower mortgage rates as lenders fight for market share in a recovering market.”

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