Zoopla UK House Price Index – February 2023 (Watch/Listen)

 

 

PODCAST: https://podcasters.spotify.com/pod/show/fife-properties/episodes/Zoopla-UK-House-Price-Index–February-2023-e21qobi

 

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