Demand for homes reaches its highest since October 2022

The number of new sales being agreed is, however, 16% lower than this time last year but 11% higher than 2019 levels – with this on an upward trajectory. Sellers continued to make modest downward adjustments to asking prices, accepting discounts on the asking price averaging four percent or £14,000. 

As for the time to sell a home, this has jumped by 71% since this time last year when the market was very strong, however the time to sell remains below 2019 levels in most areas. Scotland has the shortest sales period at 28 days as homes are marketed with a survey and valuation, while London has the longest time to sell at 44 days.  

Looking at its analysis of the new sales agreed over the last nine months, it suggests the UK housing market is on track for half a million sales completions in the first half of 2023 – with the run rate pointing to one million sales over 2023, which is line with Zoopla’s forecast. This is well ahead of the years following the global financial crisis of 2008 to 2011.  

House price growth, meanwhile, continues to slow to 4.1% – down from nine percent a year ago. Its index has fallen by just one percent since last October, with the quarterly growth being negative for the last three months. It’s the weakest rate of quarterly growth since 2011 as the market continues to go through a swift repricing nationally.  

Additionally, the annual rate of growth has slowed sharply across major cities, where house price inflation was running in double digits a year ago to less than six percent now. The weakest annual growth is in London where higher mortgage rates hit demand harder in higher-value markets.