The year in numbers
7.2%: average house price gain for homeowners
25 days: how long it took to sell a home
94%: percentage of asking price achieved in November 2022
3 bedroom semi-detached: most in-demand property type
1.3 million: number of homes sold
£369 billion: what the UK spent on buying property
11.2%: house price growth in Wigan, 2022’s best performing market
£1.18 million: average house price in the most expensive market, Kensington and Chelsea
£5.4 billion: what the UK spent on private rental payments in 2022
What happened in the housing market in 2022?
“At the start of the year, the UK housing market was still feeling the motivational impact of the pandemic on our desire to move home,” says Richard Donnell, Director of Research and Insight.
“The shock of higher mortgage rates hit buyers in October, with demand now down 50% and sales agreed down 28% compared to last year.
“But house prices rose 7.2% over the year and 1 in 14 homeowners moved house, making 2022 another strong year for the market.
“While many forecasters have made bearish predictions for 2023 - anticipating house prices falls of 8% to 12% and a significant fallback in sales numbers - we’re more positive about the outlook.
“We’re anticipating 1 million housing sales in 2023, supported by more working from home, the ongoing spike in retirement and a greater consideration of home running costs.
“New mortgage rates are manageable: banks are well-capitalised and ready to lend. We expect mortgage rates to be at 4.5% to 5% in January 2023 which will add to buying costs, but not excessively.”
“Overall, I think 2023 may well disprove the gloomy forecasts made when the outlook for mortgage rates looked much worse.”
The most in-demand properties in 2022
While the UK’s average house price reached £258,100 by the end of the year, cheaper properties were most in demand.
Across the country, there was the most buyer interest in homes worth £150,000 to £200,000, while three bedroom semi-detached houses were at the top of everyone’s wish list.
| Area | Most sought-after price band | Most popular property type |
|---|---|---|
| East Midlands | £150k - £200k | 3 bed semi-detached |
| East of England | £250k - £300k | 3 bed semi-detached |
| London | £350k - £400k | 2 bed flat |
| North East | £50k - £100k | 3 bed semi-detached |
| North West | £100k - £150k | 3 bed semi-detached |
| Northern Ireland | £50k - £100k | 3 bed semi-detached |
| Scotland | £100k - £150k | 2 bed flat |
| South East | £250k - £300k | 3 bed semi-detached |
| South West | £200k - £250k | 3 bed semi-detached |
| Wales | £100k - £150k | 3 bed semi-detached |
| West Midlands | £150k - £200k | 3 bed semi-detached |
| Yorkshire and the Humber | £100k - £150k | 3 bed semi-detached |
How long it took to sell in 2022
For most of the year, home moves continued to be driven by post-pandemic motivations for space and lifestyle. The fast-moving market saw it take just 25 days to agree a sale on average after listing your home - 2 days faster than in 2021.
This is sold subject to contract - it takes a further 2 to 4 months to go through the mortgage and legal process before you finally get the keys and move in.
| Area | Average time to sell in 2021 | Average time to sell in 2022 |
|---|---|---|
| East Midlands | 26 | 26 |
| East of England | 28 | 26 |
| London | 39 | 34 |
| North East | 28 | 25 |
| North West | 26 | 25 |
| Northern Ireland | 27 | 26.5 |
| Scotland | 14 | 15 |
| South East | 29 | 27 |
| South West | 24 | 24 |
| Wales | 26 | 25 |
| West Midlands | 25 | 23 |
| Yorkshire and the Humber | 24 | 23 |
What happened in the rental market in 2022?
“2022 was the year that rents hit the least affordable level since we started tracking rental affordability a decade ago,” says Richard.
“Rents rose 12.1% over the course of the year - well ahead of earnings growth at 6% - and the average renter now puts 35% of their income towards rent.
“Unfortunately for renters, the market continues to face a chronic imbalance between supply and demand, with supply of rental homes 38% lower than the five-year average and demand 46% higher.
“Rents rose the fastest in large cities and renters increasingly sought one-bedroom flats to find better value for money. We expect stretched affordability to hit demand and the pace of rent increases in the first half of 2023, with rent growth slowing to 4% to 5% by the end of next year.
“Increasing investment in new rental supply from multiple sources is the main route to reducing rental growth and making for a more sustainable private rented sector.”
The news you were most interested in
With the housing market moving quickly in the first part of 2022, you wanted to know the locations where homes sell the fastest. We revealed it took just 14 days to sell in Dartford, Redditch, Test Valley and Gloucester.
After the government’s mini budget in September - and the subsequent reversal - it was all about understanding what it meant for your mortgage. We predicted that mortgage rates will fall in 2023.
The mini budget featured cuts to stamp duty, and you headed straight to our stamp duty calculator to find out what it meant for you.
And with Rishi Sunak's appointment in October, you wanted to know what the new prime minister would have in store for the housing market.
As mortgage rates remained high and the rising cost of living hit, everyone was looking for the top 10 most affordable places to live in 2022.
Renovations were top of mind for homeowners, making home improvements that don’t need planning permission one of our most read articles of the year.
And for renters, it was all about figuring out how to handle rising costs with our guide to which bills you’re responsible for as a tenant.
Your favourite features
Some of your top reads this year were about the best properties for sale for a great price.
You’d be forgiven for thinking it's impossible to find a property for £10,000 or less in 2022, and we reckon that’s why our best homes under £10k drew plenty of interest throughout the year.
And we revealed 10 homes you won’t believe cost less than £100,000, from stylish flats and family homes to holiday properties and land for sale.
The UK’s average house price reached £250,000 for the first time back in May, but what can you actually buy for that? 10 homes for the national average house price gives all the answers.
What happened at Zoopla in 2022?
Here's a snapshot of what we got up to this year...
We brought more data than ever into My Home, with more accurate price estimates and local market stats giving everyone a better understanding of their home.
We made it easier to find and compare local estate agents by ranking them on customer ratings, asking price and listing times.
We rebuilt our app from scratch so you can get the latest properties and market trends while you’re on the move. We also added My Home to the app so you can stay in the loop with your property and price estimate.
We entered into a long-term partnership with Crisis, the national charity for people experiencing homelessness in Great Britain.
We helped you work out how much money you could put towards your next home with our new equity calculator in My Home.
We partnered with Mojo Mortgages to help you find a remortgaging deal that’s right for you in My Home.
We built new guides to help everyone understand the processes of buying and selling property.