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UK House Price Index – May 2023

Research and Insight May 2023
Top insights
Executive summary
Annual house price growth slows but the worst of the month-onmonth price falls are now behind us
Demand continues to recover as the number of new sales grows
First-time buyers (FTBs) were the largest buyer group in 2022 and look set to be a strong source of new sales again in 2023
3-bed homes remain the most in-demand property for FTBs (40%) but there is a clear shift in FTB demand towards 2-bed flats
Income to buy a 3-bed FTB home has increased by £7,350 since 2020 but this varies by geography
The housing market is more balanced than for some years and sales could exceed 1m over 2023 if current trends continue.
Currently
+ 3.0 %

UK house price inflation (YoY)

Last 3 months
34 %

First-time buyer share of sales in 2022

Key data
£ 7.5K

Increase in income required for a first-time buyer to buy a 3-bed home

Currently

“The worst of the pricing adjustment in the housing market appears to be behind us. House price growth will slow further over 2023 and dip into negative territory. More important is that transaction volumes continue to grow. ”

Richard Donnell Executive Director - Research
Market activity down YoY but continues to improve vs 2019
Source: Zoopla Research
% change - 4 weeks to 23 April 2023 compared to the same period in 2019 and 2022. Resale market only