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UK House Price Index – July 2023

Research and Insight July 2023
Top insights
Executive summary
Annual UK house price inflation slows to +0.6%
Modest annual price falls of up to -2.2% concentrated in southern England and markets with an average price over £300,000
Affordable markets in economically active areas still registering annual house price inflation of over 3.5%
Higher mortgage rates have reduced demand by 18% in last 2 months
Rise in mortgage rates appears close to peaking - likely to return to the 4-5% window this autumn. The key risk is higher rates for longer
Resumption of modest price falls expected in H2 2023, concentrated across southern England in response to higher mortgage rates.
UK prices still on track to be up to 5% lower over 2023
Currently
+ 0.6 %

Annual UK house price inflation

Last 3 months
18 %

Change in buyer demand over last 2 months

Key data
- 5%

Projection for annual UK house price inflation over 2023

Currently

Higher mortgage rates have hit home buyer demand, but the impact is not uniform across the country. Southern England is set to experience above- average price falls while some areas may not post any price falls at all

Richard Donnell Executive Director - Research
Market performance in line with 2019 levels
Source: Zoopla Research
% change - 4 weeks to 23 July 2023 compared to the same period in 2019. Resale only.