UK home sales set to hit their lowest since 2012 as mortgage sales plummet

LONDON — The number of houses sold in the U.K. this year is set to reach the lowest annual figure since 2012, real estate company Zoopla found in its latest house price index released on Wednesday.

The report shows an estimated 21% decline in sales to be completed in 2023 compared to last year, with one million transactions expected to finalise this year. 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…