What happened to the housing market in 2023? One million homes sold! š¤
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In 2023 one million homes were sold, as mortgage rates soared to over 6% and house prices fell 1.2%.
Key findings from Zoopla:
šø One million homes sold in 2023
šø House prices fell 1.2% on average across the UK
šø The Bank of England hiked the bank rate five times
šø Mortgage rates peaked at 6.44% for a two-year fixed rate
šø Standard Variable Rate mortgages hit 8.74%
š¹ Bank rate rises and mortgage rate hikes = Bank rate rose five times in 2023, in three increments of 0.25% in March, May and August, plus two 0.5% rises in January and June, taking it from 3.5% in January to 5.25% today
š¹ What happened to house prices in 2023?
š¹ Which was the best-selling property type in 2023? = Terraced homes
š¹ How many homes rented in 2023? = 432,000
š¹ What happened to the rental market in 2023? = Rents rose 20 months in a row
š¹ How long did it take to sell a house in 2023? = 38 days
š¹ The big news headlines in 2023 = see article
š¹ Most popular property round-ups in 2023 = see article
š© For detailed information on all of the above, read Zoopla's article in full by clicking here š©
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šø Left to right: Investments Specialist Emma Travers, Property Management Rosie, Senior Valuer and Asset Manager Lisa Dahl-Parsisson and Head of Maintenance Gary Pringle at Cavendish Residential šø
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