Zoopla UK House Price Index – OCTOBER 2023
Executive summary
• House price inflation has slowed from 9.6% to -1.1% over the last
year
• 4 in 5 housing markets are registering small annual price falls
• Regulation of mortgage lending has built market resilience to
higher mortgage rates although household buying power
remains lower
• Transactions have been hit hardest and will be 23% lower than
2022
• First-time buyers and cash buyers account for 2 in 3 sales in
2023
• Low price falls and 5% mortgage rates mean housing is still
expensive
• We expect UK house prices to fall 2% over 2024 as rising
incomes steadily repair housing affordability
• 2024 is set for another year of 1m sales. This could be higher if
mortgage rates fall back towards 4% sooner than expected in
2024
(Watch/Listen) https://www.fifeproperties.co.uk/blog/zoopla-uk-house-price-index-october-2023/
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