Executive summary
- Annual UK house price inflation slows to +0.1%, lowest since 2012
- House price growth ranges from +1.7% in Scotland to -1% in London
- Profile of regional house price inflation linked to first-time buyer affordability and the relative cost of renting and buying
- Housing transactions still on track for 1 million completions in 2023
- Sales completions 21% lower over 2023, the lowest level since 2012
- Cash buyer sales expected to hold in line with 2022 while mortgage-backed sales likely to be 28% lower as higher rates impact demand
- Faster earnings growth improving housing affordability
- Lower mortgage rates key to improved demand and sales in 2024
