The variety of home and flat gross sales within the UK this yr is ready to be the bottom in a decade, in keeping with new figures from a number one property web site.

Zoopla’s month-to-month home value index, which tracks the variety of houses offered topic to contract, discovered ranges had been down a fifth to date in comparison with 2022.

It forecast that gross sales would be the lowest since 2012 by the tip of the yr, though it nonetheless anticipated round a million completions to be made in 2023.

It is the equal of each family within the nation transferring as soon as each 23 years – far beneath the common of eight years, Zoopla stated.

The agency stated it “highlights the deep impact of recent economic changes on the housing market”.

It comes following a raft of figures from different property companies and lenders in current months which additionally counsel a hunch within the housing market.

They embrace the Nationwide constructing society, which stated prices experienced the sharpest fall in 14 years in July.

However, the rising cost of borrowing is thought to have cancelled out any benefit, though some lenders are now cutting mortgage rates.

The Bank of England has raised rates of interest 14 times in a row because it battles to deliver down inflation and has warned they’re prone to stay excessive for a while.

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Zoopla govt director Richard Donnell stated: “The housing market continues to feel the impact of higher mortgage rates and cost of living pressures.

“It’s leading to weaker demand from consumers, fewer gross sales and really low home value development.”

But Mr Donnell said he expected the number of sales to “get better properly” in the coming two to three years due to “extra versatile working, demographic developments from an ageing inhabitants, the robust labour market and excessive immigration”.

He added Zoopla expected mortgage rates to fall below 5% later this year, but warned it would be a “drawn-out course of”.

“Any falls to mortgage charges are unlikely to impression the market and enhance affordability additional till at the very least the primary half of 2024.

“This is why we’re less optimistic about house price growth, which looks set to stay within the +2% to -2% range for the foreseeable future,” Mr Donnell added.

The Zoopla report additionally discovered that UK home costs have risen 0.1% within the final yr, which can also be the slowest price since 2012.

The annual change in the price of shopping for a house in August ranged from up 1.7% in Scotland to -1% in London, the agency stated.