Homes are selling for £18,000 below asking price as the number of properties for sale reaches a six-year high. Our House Price Index for November 2023 dives into the latest housing trends and what it means for next year.
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We use HM Land Registry, Registers of Scotland, official survey records, Royal Mail and Ordnance Survey.
The latest news on house prices
UK house prices have fallen -1.2% in the last year, bringing the average house price to £264,600. So where’s faring worst, and is anywhere escaping the price falls so far? Let’s find out what’s happening with house prices in November 2023.
Sellers are accepting average discounts of £18,000, or 5.5% from their asking prices in November 2023. Get the latest from our House Price Index.
Sellers are offering their biggest discounts in five years, with one in four offering 10% off the asking price right now, putting buyers in a strong negotiating position.
Towns and cities can be expensive places to buy a home - but some are a lot more affordable than others. Here’s where to find them.
Feel like three bedroom homes are hard to get your hands on? It’s not just you. An imbalance of supply and demand is making three bedroom homes hot property, and here’s why.
We track the speed of property sales in the UK. Here’s where homes are selling the fastest in November 2023.
Flats, terraces, semis or detached houses - which kind of home is being snapped up in today’s housing market? We explore the types and sizes of properties selling the fastest in November 2023.
Our House Price Index for October 2023 shows that annual house price growth is now at -1.1%. Here’s the outlook for the housing market in 2024 as it continues to adjust to higher mortgage rates.
Our House Price Index forecast edition reveals our housing market predictions for next year. So what will 2024 have in store?
Looking to secure a home in and around the capital? Let’s take a look at the most affordable areas to buy a property in London in 2023.
Asking price reductions are greatest right now for homes that are stuck on the market. So what should you do if you're looking to sell yours?
Thinking of selling?
Get the ball rolling with an in-person valuation of your home. It’s free and there’s no obligation to sell if you change your mind.
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Our experts answer your questions
Are UK house prices falling?
UK house prices have fallen 1.1% or £2,830 in the 12 months to October 2023. This is the second month in a row house prices have fallen annually. Before that, they last fell in 2012.
House prices are falling across all regions of England, with the East (-2.4%) and South East (-2.4%) seeing the biggest drops over the year. Prices in Wales are now 0.2% lower than a year ago.
Property prices are still rising very slowly in Scotland (+1.2%) and Northern Ireland (+1.1%).
Ellie Isaac
Senior EditorHow does inflation affect house prices?
As a general rule, higher inflation tends to mean lower house price growth.
When inflation is high, the Bank of England usually increases the Bank Rate. This increases interest rates and makes mortgages more expensive, so fewer people look to buy a home or move house.
The Bank Rate is currently 5.25%, its highest level for more than 15 years. However, mortgage rates are expected to come down this autumn.
Nic Hopkirk
Senior EditorHow far will house prices fall in 2023?
We expect to see further small house price falls in the coming months, with house prices ending up 2% to 3% lower at the end of 2023 than at the start of the year.
This will leave house prices 17% higher than at the start of 2020, just before the pandemic.
We expect house prices to keep falling in 2024. With mortgage rates as high as they are, the falls we’ve seen so far are not enough to encourage many buyers back into the market.
House prices need to fall more in the most unaffordable parts of the country to boost buying power and open up the housing market to more people.
Get the latest with our House Price Index.
Richard Donnell
Executive Director - ResearchDoes Zoopla have all sold house prices in the UK?
Our sold house prices come from the Land Registry and Registers of Scotland each month, so we cover most properties in the UK. But they don't provide prices for some sales, such as:
The sale of a share of a property or a right-to-buy property
Property transfers after a divorce, as a gift, or as a Compulsory Purchase Order or Court Order
Transfers of more than one property as part of a portfolio
First registration of leases for 7 years or less
Additional price paid transactions valued below £100
If we don’t have a sold house price, you can get an instant valuation instead. This uses the latest market data and advanced algorithms to estimate a home's value.
