- House prices may flounder in the first months of 2024
- But the stage is set for a recovery in the second half of the year
Last year proved difficult for the UK property market. House prices stagnated, falling by around 2 per cent in the year to November, as the chart below shows. Looking at mortgage rates, it's not hard to see why: the average rate for a two-year fix peaked at an eye-watering 6.11 per cent in July last year. Affordability for first-time buyers was stretched, while borrowing more to move up the property ladder looked like an unappealing prospect.
