Zoopla UK House Price Index – May 2023
Executive summary
- UK house prices fall 1.3% over the last 6 months
- Rate of price falls has slowed as activity levels recover
- Stronger growth in new sales brings more sellers into the market
- Above average activity in the N. East, Scotland and London
- Weaker demand but sales hold up in Midlands and southern England
- Regional trends explained by recent price inflation and affordability
- Mortgage regulations have tempered the impact of higher mortgage rates on house prices.
- The prospect of higher mortgage rates in H2 is likely to weaken demand and activity but the scale depends on how high rates move.
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