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UK House Price Index – February 2023

Research and Insight February 2023
Top insights
Executive summary
Annual house price inflation slows to 5.3% down from 8.6% last year
Buyer demand and sales volumes are 20-50% lower than a year ago but slightly ahead of the pre-pandemic years (2017-2019)
Sellers having to accept an average 4.5% discount to the asking price to achieve a sale – the highest for 5 years as a buyers’ market takes hold
Average discount to asking price is £14,000 meaning sellers are having to forgo a third of their pandemic house price gains
Broad based repricing of housing underway - UK house price inflation set to move into low negative year-on-year by summer
Market is still on track for a soft landing with modest price falls of up to 5% and 1m sales in 2023
Currently
+ 5.3 %

Current UK house price growth (YoY)

Last 3 months
4.5 %

Discount to asking price to achieve a sale

Key data
£ 14K

Value of the average discount to asking price in February 2023

Currently

“Housing market activity has rebounded in line with pre-pandemic levels. Sellers are having to give up discounts to achieve sales, the value of which equate to a third of the price gains made over the pandemic”

Richard Donnell Executive Director - Research
Two different ways to view sales market trends
Source: Zoopla Research
% change - 4 weeks to 19 Feb 2023 compared to the same period in previous years