Executive summary
- The housing market continues to experience a soft repricing
- Annual inflation slows to 4.1%, prices 1% lower than in October 2022
- Market conditions at the end of Q1 are better than many had expected – buyers and sellers are striking deals at an increasing rate
- We expect 500,000 sales completions in H1 2023 meaning we are on track for 1m sales, potentially even higher in 2023
- Sales activity is being supported by 65% more homes for sale compared to March 2022 and falling mortgage rates
- We find a shift in sales towards markets with better value for money and expect the inner London flats market to see more activity in 2023
- High rental inflation will continue to support first-time buyer demand
