ONS House Price Index - Statement from Atom bank (Richard Harrison)

20 December 2023

Richard Harrison, Head of Mortgages, Atom bank comments:

“The latest data demonstrates that, while the market may be challenging, this is still very much a softening of pricing rather than the property crash that some had predicted this year. We’ve seen Rightmove predict that prices will fall by an average of 1% next year. It’s important to remember that within this nationwide forecast there will obviously be regional differences, with some areas performing better than others, however the overall picture of a relatively flat market should entice more buyers early next year as they look to get ahead of any potential future increases.

“If you’re a buyer there is certainly reason to be positive, particularly given the competitive mortgage environment, with lenders continuing to cut rates, while improving criteria and service levels in order to win new business. This, alongside flatter pricing, should have a positive impact on buyer sentiment and as confidence improves, there’s a good chance that the market will exceed current expectations next year.”