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UK House Price Index – December 2023

Research and Insight December 2023
Top insights
Executive summary
Annual house price inflation is -1.1%, down from +7.2% a year ago
Market sentiment improving with new sales agreed +17% year-on-year
House price falls starting to moderate as sales improve
Mortgage regulations a key reason for only modest price falls in 2023, along with strong labour market and rapid earnings growth
First-time buyers are largest group of would-be movers in next 2 years (40%) followed by upsizers (34%)
Almost half of buyers living in southern England looking to move >10 miles in search of better value for money
House prices to fall 2% over 2024 with 1m sales
- 1.1 %

Annual UK house price inflation

17 %

Sales agreed vs. a year ago

40%

Proportion of movers that are first-time buyers

"The housing market has been more resilient than many expected over 2023 but it hasn’t been a surprise to us. Mortgage regulations stopped an overvaluation of housing, making for modest price falls."

Richard Donnell Executive Director - Research
Stronger end to 2023 than end of last year and pre-pandemic
Source: Zoopla Research
% change - 4 weeks to 17 December 2023 compared to the same period in 2019 and 2022. Resale market only.