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UK House Price Index – April 2023

Research and Insight April 2023
Top insights
Executive summary
The housing market continues to experience a soft repricing
Annual inflation slows to 4.1%, prices 1% lower than in October 2022
Market conditions at the end of Q1 are better than many had expected - buyers and sellers are striking deals at an increasing rate
We expect 500,000 sales completions in H1 2023 meaning we are on track for 1m sales, potentially even higher in 2023
Sales activity is being supported by 65% more homes for sale compared to March 2022 and falling mortgage rates
We find a shift in sales towards markets with better value for money and expect the inner London flats market to see more activity in 2023
High rental inflation will continue to support first-time buyer demand
Currently
+ 4.1 %

Current UK house price growth (YoY)

Last 3 months
500 K

Expected sales completions in H1 2023

Key data
- 1%

Change in prices since October 2022

Currently

“Buyers and sellers continue to agree sales, which is an important and positive indicator for the market. Sellers have to be realistic but it’s clear that prices do not need to adjust lower to support transaction volumes in 2023”

Richard Donnell Executive Director - Research
2023 housing market activity inline with pre-pandemic years
Source: Zoopla Research
% change - 4 weeks to 26 March 2023 compared to the same period in 2019 and 2022. Resale market only.