Blog | Red Squirrel Property Shop in Newport, Isle of Wight

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

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.

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

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