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UK House Price Index – August 2023

Research and Insight August 2023
Top insights
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
Currently
+ 0.1 %

Annual UK house price inflation

Decline in sales completions
21 %

Over 2023 vs. 2022

Affordability improved by
+ 9%

over 2023 from decline in house price to earnings ratio

Currently

While house price growth has slowed rapidly over the last year, the primary impact of higher mortgage rates has been lower sales volumes.

Richard Donnell Executive Director - Research
Demand and sales running below 5-year average
Source: Zoopla Research
% change - 4 weeks to 20 August 2023 compared to the same period over previous 5 years. Resale market only.