Market Commentary – 2023 Review

A Hangover, Second Wind, & Comatose Market

Failure to Complete & Sticky Prices

Escape At Any Price & Anything But The Price

The Truss Hangover

A Second Wind

Failure to Complete

Sticky Prices

Where’s The Crash?

Escape At Any Price

Anything But The Price

A Comatose Market

2024 Outlook

Market At A Glance

Economy – UK

The ONS estimated monthly GDP increased 0.3% in the year to October 2023. Thanks to recent revisions, monthly GDP was 1.6% above the pre-pandemic peak recorded in January 2020. However, this monthly data will continue to be revised in the future.

House Prices - UK

Rightmove reported a 1.1% annual fall in asking house prices in December 2023 while Nationwide reported a 1.8% annual fall in their mortgage approval based index over the same period. Meanwhile, the ONS reported a 1.2% annual fall in its sales agreed index for the year to October 2023.

Transactions – UK

HMRC provisionally reported 80,780 residential transactions in November. This was 17% lower than the same month in 2019. Meanwhile, the Bank of England reported mortgage approvals for house purchase were 24% lower in November 2023 than the same month in 2019.

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