Zoopla House Price Index February 2023
Zoopla House Price Index February 2023
Executive summary £14k Value of the average discount to asking price in February 2023
• Annual house price inflation slows to 5.3% down from 8.6% last year
• Buyer demand and sales volumes are 20-50% lower than a year ago but slightly ahead of the pre-pandemic years (2017-2019)
• Sellers having to accept an average 4.5% discount to the asking price to achieve a sale – the highest for 5 years as a buyers’ market takes hold
• Average discount to asking price is £14,000 meaning sellers are having to forgo a third of their pandemic house price gains
• Broad based repricing of housing underway - UK house price inflation set to move into low negative year-on-year by summer
• Market is still on track for a soft landing with modest price falls of up to 5% and 1m sales in 2023
