Nationwide will interrupt the turkey, mince pie and mulled wine consumption with its latest house price data on the last trading day of the year.
Figures from the lender have shown a surprising rise in prices for the last three months despite high interest rates and the cost of living pressures.
In November, Nationwide said house prices rose 0.2% month on month in hopes that the housing market may be stabilising.
On an annual basis, the House Price Index showed a fall of 2.0%, an improvement from October’s 3.3% annual drop.
December’s annual rate of decline is expected to improve to 1.7%.
Robert Gardner, Nationwide's chief economist, said “There has been a significant change in market expectations for the future path of Bank Rate in recent months which, if sustained, could provide much needed support for housing market activity,” he said.
This changed perception on interest rates has increased markedly since the last release after the larger-than-expected drop in inflation but it may take some time to fully reinvigorate the housing market.
Fellow lender Halifax has predicted house prices will fall by as much as 4% in 2024.
“Overall, with the combination of cost of living pressures and interest rate levels that are still much higher than even two years ago, we will likely see continued mild downward pressure on house prices,” said Kim Kinnaird, director, Halifax Mortgages.
Halifax, which is part of Lloyds Banking Group PLC, the largest lender in the UK, expects prices to fall between 2% and 4%.
But it predicts a partial recovery in market confidence and transaction volumes in 2024 as interest rates ease and affordability improves.