BUSINESS LIVE: FTSE ticks higher; Oil prices fall; House prices see biggest fall since 2008

The FTSE 100 is up 0.1 per cent in early trading. Read the Friday 29 December Business Live blog below.

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House prices fell 1.8% in 2023 says Nationwide

House prices ended 2023 down 1.8 per cent compared with a year ago, according to the latest figures from Nationwide Building Society.

It means the typical UK home is now worth £259,157; almost 4.5 per cent below the all-time high recorded in late summer 2022.

While Britain’s biggest building society recorded no change in the average house price compared to this time last month, this was down to seasonal adjustment.

FTSE 100 on track for quiet end to 2023

The FTSE 100 is on track for a quiet end to 2023 with low trading volumes marking the final session of the year.

The blue cip index is set for a weekly gain with industrial metal miners leading the charge on higher copper prices, while a drop in energy shares caps momentum.

For the year, the FTSE 100 has added over 3.7 per cent for its third consecutive yearly gain.

The FTSE 250 is up by around 4.5 per cent for the year.

Industrial metal miners are up 0.5 per cent, with prices of copper moving upwards as the prospect of US interest rate cuts brightened the outlook for the metals.

Heavyweight oil and gas shares have moved down by 0.1 per cent, but are set for a yearly gain of more than 4.6 per cent.

In corporate news, iron ore pellet producer Ferrexpo shares are up nearly 5 per cent after the company posted end-of-year report.