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

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