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Hometrack UK House Price Index – October 2023

by | Nov 8, 2023 | Clients

The Hometrack UK House Price Index analyses housing market trends at a city level on a monthly basis – across 20 cities, plus regions, and nationally.

Executive summary

  • House price inflation has slowed from 9.6% to -1.1% over the last year
  • 4 in 5 housing markets are registering small annual price falls
  • Regulation of mortgage lending has built market resilience to higher mortgage rates although household buying power remains lower
  • Transactions have been hit hardest and will be 23% lower than 2022
  • First-time buyers and cash buyers account for 2 in 3 sales in 2023
  • Low price falls and 5% mortgage rates mean housing is still expensive
  • We expect UK house prices to fall 2% over 2024 as rising incomes steadily repair housing affordability
  • 2024 is set for another year of 1m sales. This could be higher if mortgage rates fall back towards 4% sooner than expected in 2024

You can download the latest full report from the Hometrack website.