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Summary

  •       House price inflates +0.1% annually in UK
  •       21% down on completed house sales compared to 2022
  •       House price growth at -1% in London
  •       Regional house price inflation linked to first-time-buyers affordability
  •       Completed transactions still on track for 1 million, although as we write 21% lower over 2023, lowest since 2012
  •       Cash buyer sales expected to hold in line with 2022
  •       Mortgage-backed sales likely to be 28% lower as higher rates impact demand
  •       Lower mortgage rates key to improved demand and sales in 2024
  •       Affordability improving

 

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If you’re ready to sell your home here is a step-by-step guide going through the whole process of selling a house and what to expect.

Selling your home is one of the biggest decisions you will ever make in your life therefore you want to make sure you get it right first time.

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Overview

  • Annual UK house price inflation at +0.6%
  • 60% with over £300k price cutting asking prices by 5% to attract demand
  • Annual price falls of up to -2.2% concentrated in southern England on markets with an average price over £300,000
  • Other areas of England registering annual house price inflation of over 3.5%
  • Buyer demand down 18% in last two months due to mortgage rates
  • Rates peaking and already signs of dropping back closer to the 4% region
  • Likely to be the southern areas seeing price reductions throughout second half of the year with northern areas performing well
  • UK markets till on track to be down by 5% end of year
  • Mortgage decreased down to 4.99%
  • 80% of markets with an average price over £300k registering modest price falls

 

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UK Half year report 2023

 

Overview

  •       House price inflation to 1.2% increase as quarterly demand has increased
  •       42% of sellers are accepting offers 5% or more under asking price
  •       UK house prices still on track to drop by 5% in total during 2023
  •       Anyone serious about selling in 2023 needs to be realistic on pricing “Falling mortgage
  •       11% Hit to buying power with higher mortgage rates
  •       14% Fewer buyers in the market in last 4 weeks, compared to 5-year average

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Key Points to mention

  • Property prices in UK decline 1.3% over the last 6 months
  • Activity level is recovering stopping the speed of decrease
  • Increase in sellers to the market due to market growth
  • Biggest activity in London, Scotland and north east
  • Weaker demand but sales hold up in Midlands and southern England
  • Mortgage regulations have tempered the impact of higher mortgage rates on house prices.
  • 11% proportion of homes on market were previously rentals
  • 1.9% UK house price increase YOY

 Property Price drop in the last six months to adjust higher mortgage rates & rise of living costs

In the last 6 months there has been a drop of 1.3% of Zoopla price index, this is mainly due to the increased mortgage rates. However, demand has recovered recently reducing the decline.

The annual rate of price inflation is 1.9%, down from 9.6% a year ago.

We would expect prices to remain relatively similar for the rest of the year, with mortgage rates stabilising and demand showing promise. However, with the higher-than expected inflation rise, it is likely interest rates may rise, if they do this will of course have a knock-on effect to mortgages, then onto property prices.

 

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