Executive summary
- Annual house price inflation is -1.1%, down from +7.2% a year ago
- Market sentiment improving with new sales agreed +17% year-on-year
- House price falls starting to moderate as sales improve
- Mortgage regulations a key reason for only modest price falls in 2023, along
with strong labour market and rapid earnings growth
- First-time buyers are largest group of would-be movers in next 2 years (40%)
followed by upsizers (34%)
- Almost half of buyers living in southern England looking to move >10 miles in
search of better value for money
- House prices to fall 2% over 2024 with 1m sales
