Buyer demand fell 44% year-on-year in the four weeks to Nov. 20,property website Zoopla, while new property sales declined 28%. The stock of homes for sale was up 40% over the same period.
Richard Donnell, Zoopla's executive director for research, said the company expected house price falls of up to 5% in 2023. Although a fall in house prices is widely predicted, the company's predictions are less bearish than others. It comes after a desire for different kinds of property during the pandemic, the suspension of a purchase tax on homes under $500,000 from July 2020 to July 2021 and ongoing supply shortages saw house pricesZoopla said there was currently a "widespread" repricing of homes occurring, but that it was modest in size. It puts U.K. house price growth at 7.8% year-on-year.