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The number of house and flat sales in the UK this year is set to be the lowest in a decade, according to new figures from a leading property website.

Zoopla’s monthly house price index, which tracks the number of homes sold subject to contract, found levels were down a fifth so far compared to 2022.

It forecast that sales will be the lowest since 2012 by the end of the year, although it still expected around one million completions to be made in 2023.

It is the equivalent of every household in the country moving once every 23 years – far below the average of eight years, Zoopla said.

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

It comes following a raft of figures from other property firms and lenders in recent months which also suggest a slump in the housing market.

They include the Nationwide Building Society, which said prices experienced the sharpest fall in 14 years in July.

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

Zoopla said the expected 21% decline in property sales by the end of 2023 was largely due to a fall in buyers with mortgages.

“We expect the number of mortgaged sales to drop 28% on last year. On the other hand, cash sales will fall just 1% compared to 2022,” the company said.

The Bank of England has raised interest rates 14 times in a row as it battles to bring down inflation and has warned they are likely to remain high for some time.

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

“It’s resulting in weaker demand from buyers, fewer sales and very low house price growth.”

But Mr Donnell said he expected the number of sales to “recover well” in the coming two to three years due to “more flexible working, demographic trends from an ageing population, the strong labour market and high immigration”.

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Renters now in the majority in UK

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

“Any falls to mortgage rates are unlikely to impact the market and improve affordability further until at least the first 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 also found that UK house prices have risen 0.1% in the last year, which is also the slowest rate since 2012.

The annual change in the cost of buying a home in August ranged from a rise of 1.7% in Scotland to -1% in London, the firm said.

Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “As wages rise relative to property prices, we know that once mortgage rates go low enough, we should see affordability to start to work its magic on the market again.

“The problem is that predicting exactly how low rates need to go, and when they’ll get there is a tricky business.”

Matt Thompson, head of sales at London-based estate agent Chestertons, said buyers had been more cautious and in some cases were delaying purchases.

He added: “However, there still are buyers who have already locked in a mortgage rate with their lender and are keen to secure a property before the rate expires.”

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Protesters throw powder on Tower Bridge during London Marathon

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Protesters throw powder on Tower Bridge during London Marathon

Two pro-Palestinian demonstrators have thrown red powder on Tower Bridge – just moments before leading runners in the London Marathon went past.

The protesters were arrested on suspicion of causing a public nuisance and remain in custody, said the Metropolitan Police.

A video shared by Youth Demand, which is calling for a trade embargo on Israel, shows two people jumping over a barrier that separates spectators from the race course.

The pair, wearing t-shirts that say “Youth Demand: Stop Arming Israel”, are then seen standing in the middle of the road on the bridge.

Pic: LNP
Image:
Pic: LNP

They throw red powder in the air as an official marathon car goes past displaying the race time.

A motorbike with a cameraman on board continues along the route, while a second motorbike stops and one of the riders gets off and pushes the pair out of the way, just before the men’s elite runners pass.

Several police officers then jump over the barrier and detain the pair, the footage shows.

More on London Marathon 2025

There appeared to be no impact on the marathon.

More than 56,000 participants were expected to take part in the 26.2-mile race through the capital.

Sabastian Sawe of Kenya won the men’s elite race in a time of two hours, two minutes and 27 seconds, while Ethiopia’s Tigst Assefa shattered the women’s-only world record in two hours, 15 minutes and 50 seconds.

Assefa beat the previous best of two hours, 16 minutes and 16 seconds set last year in London by Kenyan Peres Jepchirchir.

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Pic: LNP
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Pic: LNP

The Metropolitan Police said in a statement: “At around 10.38am, two protesters from Youth Demand jumped over barriers at Tower Bridge and threw red paint on to the road.

“Marathon event staff intervened to remove the protesters from the path of the men’s elite race which was able to pass unobstructed.”

The force added that they were “quickly supported by police officers who arrested the protesters on suspicion of causing a public nuisance”.

The Met said the paint “appeared to be chalk-based” and was not expected to “present a hazard to runners yet to pass this point”.

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Kemi Badenoch does not rule out local coalitions with Reform after next week’s council elections

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Kemi Badenoch does not rule out local coalitions with Reform after next week's council elections

Kemi Badenoch has not ruled out forming coalitions at a local level with Reform after the council elections next week.

Speaking to Sunday Morning with Trevor Phillips, the Conservative leader did however categorically rule out a pact with Nigel Farage’s party on a national level.

“I am not going into any coalition with Nigel Farage… read my lips,” she said.

However, she did not deny that deals could be struck with Reform at a local level, arguing that some councils might be under no overall control and in that case, “you have to do what is right for your local area”.

“You look at the moment, we are in coalition with Liberal Democrats, with independents,” she said. “We’ve been in coalition with Labour before at local government level.

“They [councillors] have to look at who the people are that they’re going into coalition with and see how they can deliver for local people.”

She added: “What I don’t want to hear is talks of stitch-ups or people planning things before the results are out. They have to do what is right for their communities.”

More on Electoral Dysfunction

A total of 23 councils are up for grabs when voters go to the polls on Thursday 1 May – mostly in places that were once deemed Tory shires, until last year’s general election.

It includes 14 county councils, all but two of which have been Conservative-controlled, as well as eight unitary authorities, all but one of which are Tory.

Ms Badenoch has set expectations low for the Tories, suggesting they could lose all the councils they are contesting.

The last time this set of councils were up for election was in 2021, when the Conservative Party was led by Boris Johnson who was riding high from the COVID vaccine bounce.

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Counter-terrorism police investigating after two women injured in Leeds

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Counter-terrorism police investigating after two women injured in Leeds

Counter-terrorism police are investigating after an incident involving a crossbow and a firearm left two women injured in Leeds.

Police were called to Otley Road at 2.47pm on Saturday to reports of a “serious incident involving a man seen with weapons”, West Yorkshire Police said.

Officers arrived at the scene to find two women injured – and a 38-year-old man with a self-inflicted injury. All three were taken to hospital, with the man held under arrest, but their injuries are not believed to be life-threatening.

“Two weapons have been recovered from the scene, which were a crossbow and a firearm,” Counter Terrorism Policing North East said in a statement.

The incident happened on the ‘Otley Run’ pub crawl, with one venue saying it was closed for the evening due to “unforeseen circumstances”.

Officers guard one of the crime scenes in Leeds
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Officers guard one of the crime scenes

Officers inside the cordon in Leeds
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Officers inside the cordon in Leeds

Counter Terrorism Policing’s statement added: “Due to the circumstances surrounding the incident, Counter Terrorism Policing North East have taken responsibility for leading the investigation with the support of West Yorkshire Police.

“Extensive enquiries continue to establish the full circumstances and explore any potential motivation.”

Home Secretary Yvette Cooper described it as a “serious violent incident” and said she was being kept updated by police.

“Thank you to the police and emergency services for their swift response,” she said. “My thoughts are with the victims and all those affected by this attack.”

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