Zoopla UK House Price Index – JULY 2023
Executive summary
• Annual UK house price inflation slows to +0.6%
• Modest annual price falls of up to -2.2% concentrated in southern England and markets with an average price over £300,000
• Affordable markets in economically active areas still registering annual house price inflation of over 3.5%
• Higher mortgage rates have reduced demand by 18% in last 2 months
• Rise in mortgage rates appears close to peaking - likely to return to the 4-5% window this autumn. The key risk is higher rates for longer
• Resumption of modest price falls expected in H2 2023, concentrated across southern England in response to higher mortgage rates.
• UK prices still on track to be up to 5% lower over 2023
(Watch/Listen) https://www.fifeproperties.co.uk/blog/zoopla-uk-house-price-index-july-2023/
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