PODCAST: https://anchor.fm/fife-properties/episodes/ZOOPLA-UK-House-Price-Index-November-2022-e1sjijc
Executive summary
- UK house prices increased by 7.2% over 2022
- Quarterly growth slows rapidly and is set to move negative in Q1
- Discounts to asking price widen to 4%
- Buyer demand 50% lower than last year, new sales agreed 28% lower
- Affordability and value for money are key to the outlook for 2023
- House prices in affordable markets less exposed to higher mortgage rates than in high-value markets where prices have underperformed
- Flight to rural and coastal areas moves into reverse
- Flats and urban areas expected to fare better in 2023
