Richard Harrison, Head of Mortgages, Atom bank comments on the latest ONS House Price Index:

15 November 2023

“The latest house price data from ONS reflects the anecdotal evidence we are receiving from brokers. The last year has obviously been very challenging for the property market but, with the Bank of England now holding Base Rate for two consecutive months, this morning’s inflation news and the continued improvement in mortgage deals on offer, we should see buyer confidence slowly improve.

“Rightmove recently said that vendors are now pricing more realistically and, while sales agreed are still lower than more normal pre-pandemic levels, the gap is closing. Sentiment is everything in the property market, so slightly lower mortgage rates and house prices combined with stronger pay increases will improve affordability for customers, allowing for a more positive view of the market for the year ahead.

“While some uncertainty still remains, the most important thing for brokers and homebuyers is to work with a lender that can offer certainty and, with this, comes greater confidence.”