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UK House Price Index – January 2023

Research and Insight January 2023
Top insights
Executive summary
House price growth ground to a standstill in Q4 2022, dragging the annual rate of house price inflation lower to +6.5%
Most regions registered small price falls in Q4 2022
Demand has rebounded to pre-pandemic levels, in line with 2018 and 10% higher than in 2019
It’s going to be a slow start to Q1. Early buyers are focusing on flats with a shift away from houses in response to higher borrowing costs and the hit to buying power
We expect demand to improve further in the coming months as mortgage rates continue to fall and would-be movers realise that large price falls are unlikely to materialise
Currently
+ 6.5 %

Current UK house price growth (YoY)

Last 3 months
10 %

Homebuyer demand above 2019 levels

Key data
27%

Buyers looking for 1 and 2 bed flats in January 2023

Currently

“It’s going to be a slow start to 2023 but we expect demand to pick up in the coming months as the economic outlook becomes clearer and mortgage rates settle around 4% to 4.5%”

Richard Donnell Executive Director - Research
2023 housing market activity inline with pre-pandemic years
Source: Zoopla Research
% change - 3 weeks to 22 January 2023 & average for equivalent period between 2017 - 2019 vs 5 year average