That's the equivalent of each household moving once every 23 years, an increase of six years from 2021, the monthly report found.
Demand for homes in the last four weeks is down 34% compared to the average of the last five years, as higher mortgage rates and cost-of-living pressures weigh on the market, Zoopla said.
While house prices have seen a small uptick, sales numbers have been hit hardest by higher borrowing costs, Richard Donnell, executive director at Zoopla said in a press release.
"Cash buyers are more immune and on track to account for more than one in three sales in 2023," Donnell said.
Mortgage rates have started to come down but remain high, with the average rate for a 2-year fixed mortgage for a 95% loan at 6.7% for the week of Aug. 21, online real estate company Rightmove said last week.
Persons:
Zoopla, Richard Donnell, Donnell, Rightmove
Organizations:
Office, National Statistics, Bank of England