The average house price stood at £258,557 in November, marginally lower than the £259,423 seen in October — without seasonal adjustments. 

Robert Gardner, chief economist at Nationwide, commented: “UK house prices rose by 0.2% in November, after taking account of seasonal effects.

“This was the third successive monthly increase and resulted in an improvement in the annual rate of house price growth from -3.3% in October, to -2.0%.

“While this remains weak, it is the strongest outturn for nine months."

Industry professionals had mixed responses to the latest house price data, from optimism to a more negative outlook on the situation.

Anna Clare Harper, CEO at GreenResi, said: “Higher base rates are designed to cool demand and therefore pricing in the economy.

“This cooling of house prices, at least in nominal terms, suggests it is working to plan. 

“House prices are also still coming down from a bubble caused by Covid-19 and stamp duty reductions, which created double-digit house price growth for much of the last three years.”

Guy Gittins, CEO at Foxtons, commented: “More property market positivity today, with house prices recording a second consecutive monthly increase. 

“Although the market is yet to return to full health when viewing house price performance on an annual basis, it appears as though a freeze in interest rates is helping to boost homebuyer sentiment and bring a greater degree of stability and this puts us in very good stead looking ahead to the new year.”

Jeremy Leaf, north London estate agent and a former RICS residential chairman, stated: ’These figures confirm what we’ve seen in our offices – the market is still baring its teeth.

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“Despite a 15-year high in base rate and continuing inflation, buyers are showing there is little chance of a correction, although sales are taking longer and prices are softening. Strong employment is also supporting activity. 

'We don’t expect to see much change in the months ahead but a gradual improvement as optimism always seems to become more apparent at the beginning of the year.”

With a more pessimistic outlook, Mark Harris, chief executive of mortgage broker SPF Private Clients, said: ‘While interest rates appear to have peaked, those hoping base rate will move swiftly downwards again to the rock-bottom levels of the recent past are likely to be disappointed.

“Pricing is higher than borrowers have grown used to over the years, meaning those buyers relying on mortgages are more price-sensitive on the back of ongoing affordability concerns.”

However, some believe that this could be a huge opportunity for those looking to enter the market.

Alex Lyle, director at Richmond estate agency Antony Roberts, said: “At this time of year, competition is more muted so there are opportunities for buyers who are brave enough not to sit on the fence.”

Ranald Mitchell, director at Charwin Private Clients, said: "The property market in November was sluggish and inactive and looks set to stay that way in December.

“2024, by contrast, could see all the pent-up demand from 2023 burst through, especially in the first-time buyer market.

“With mortgage pricing on a downward trajectory and property prices starting to look palatable, the window of opportunity is opening."

Charles Breen, director at mortgage broker, Montgomery Financial, added: "The market has definitely reached the bottom now and it’s the ideal time to either buy or start getting ready to buy. 

“Once the base rate begins to decrease, as it may well do by the summer of next year to stimulate the economy, it will cause a feeding frenzy in the housing market and prices will rise again.

“The window of opportunity will be quickly slammed shut.”

Peter Dockar, CCO at fintech residential mortgage lender Gen H, concluded: “With housing transactions well down against long-term averages, it’s clear many potential buyers are waiting it out in the hope that either house prices or interest rates will come down in the new year."