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.
Zoopla said the expected 21% decline in property sales by the end of 2023 was largely due to a fall in buyers with mortgages.
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“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.
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.”
Moments before stabbing Ms Maximen, Thibou carried out an “equally horrifying attack” on a man who was backing away from him, the Old Bailey has heard.
He was also convicted of attempting to cause grievous bodily harm to 20-year-old Adjei Isaac with intent, and having an offensive weapon.
At the opening of the trial in February, prosecutor Ed Brown KC told the court Ms Maximen and the group she was with had got caught up in the middle of a “horrifying outbreak of violence”.
At the time, Ms Maximen had been crouched chatting to her friends as they sat on the ground with their children.
She suffered a 12cm deep knife wound, which caused severe internal bleeding in her groin.
‘Pure anger’ in accused face
As jurors were shown police bodycam footage of the incident during a previous hearing at the Old Bailey, Mr Brown KC told them: “You will see pure anger in the face of Shakeil Thibou. This was right in front of her [Ms Maximen’s] three-year-old daughter.”
The “truly shocking” incident happened in just eight seconds.
How did it happen?
The Old Bailey previously heard how a crowd of hundreds splintered on Golborne Road in west London as Thibou and his two brothers, who were on trial alongside him facing separate charges, had an altercation with at least two other males.
Image: Cher Maximen
Thibou produced a “huge” knife, described by one witness as a zombie knife, and lunged repeatedly at Mr Isaac in a “determined, thrusting movement”, the Old Bailey heard.
Mr Isaac recoiled and during the altercation the pair bumped into Ms Maximen who had been crouched chatting to her friends as they sat on the ground with their children.
The knife, the prosecutor said, missed Mr Isaac by “centimetres”.
Mr Brown KC told the court Ms Maximen struggled to regain her footing after being knocked to the ground.
He said: “Cher Maximen in those moments grabbed hold of Shakeil Thibou’s coat, pulled it and managed to get partially to her feet.
“She appeared to attempt to strike out with her hand at Shakeil who of course was still holding that knife in his hand. Cher Maximen took a step towards Shakeil Thibou and at the same time attempted to raise her right leg out towards him.
“It was at this moment, Shakeil Thibou raised the knife directly towards Cher Maximen and deliberately thrust it towards her, stabbing her in the groin.”
Sheldon Thibou was found guilty of violent disorder and guilty of assault on an emergency worker, PC Oliver Mort.
Shaeim Thibou was cleared of violent disorder but found guilty of assault on an emergency worker, PC Mort.
The family of a mother who was fatally stabbed as she attended Notting Hill Carnival with her three-year-old daughter has said “the feeling of loss is overwhelming, but so is the feeling of rage”.
Cher Maximen, 32, was stabbed at the west London carnival’s “Family Day” on 25 August last year.
Shakeil Thibou, 20, has now been found guilty of her murder, by a majority jury verdict of 10-2, after a trial at the Old Bailey.
“I’ve lost my parents. I’ve lost my brother. Nothing has felt like this ever,” Ms Maximen’s cousin Lawrence Hoo told Sky News.
“It is the cruellest thing, it truly is.”
Image: Lawrence Hoo
Ms Maximen died at a carnival she had been to so many times – she barely missed one.
On the day, Ms Maximen and her three-year-old daughter arrived at Europe’s biggest street party with a group of friends and their children. They’d been sitting and chatting when she was knocked over by some men who had started fighting.
News of her stabbing came almost immediately. Mr Hoo remembers receiving the call. “When I first heard that she’d been stabbed, I know it sounds silly, but I thought Cher will be alright. Cher’s strong, she’ll get through this.”
Ms Maximen was taken to hospital and underwent a number of emergency procedures before being put on life support.
Mr Hoo immediately headed to London to be at her bedside.
“I can remember being in the hospital being sat there with her, with other family members and that’s the last time I saw her. It still doesn’t feel real. There’s still disbelief,” he said.
“It’s the most senseless act to someone who had so much life and so much to give.”
Ms Maximen died from her injuries six days after the incident.
She was a vivacious young woman who grew up in Bristol and then London, finding her feet working with people in music and entertainment.
Ms Maximen was described as a “people person”, which for Mr Hoo manifested in her being “a bright light” in the lives of her loved ones.
He said: “It’s just this energy she had, she lit up the room. If you walked into a space, you’d know that Cher was there. Her energy itself would fill the room. She was a very bright light.”
Her life changed three years before her death when she became a mother in her late 20s.
Her daughter became her life’s work, she poured her love and energy into creating a person her family describe as her mini-me, “she’s Cher 2.0” Mr Hoo said.
Image: Cher Maximen pictured as a child with her uncle Ty
Ms Maximen was stabbed just metres from her daughter on that day.
Mr Hoo said the idea of the toddler witnessing her mother on the ground punctuates the sadness the family feel with anger.
“The feeling of loss is overwhelming, but so is the feeling of rage,” he said. “She [Ms Maximen’s daughter] is aware that on that day, something happened to her mother.
“She saw her mother drop to the floor, and then she saw her mother bleed. That’s the daughter’s last living memory of her mother. And to live with that, knowing that that’s happened, that somebody did that. That’s why it’s so hard and that’s where the rage comes from.”
The family is now rallying around the little girl who is growing up without her mother.
Mr Hoo said the attack “will be a memory that will recur” for Ms Maximen’s daughter, adding “that is why it is so painful and hard to try to live with”.
“I think the trauma is going to be there, and trauma will raise its head when it chooses to come up. But we’ll be there for her,” he said.
The family held Ms Maximen’s funeral in October, and dozens came to remember a woman who loved to spread joy.
Mr Hoo said their focus is now Cher’s daughter: “It’s difficult to say how do we celebrate this life that was taken so prematurely. But I think it goes into her daughter, and it’s to give her daughter the best life and love, and tell her who her mother was.
A domestic abuser who murdered her “frail” husband and buried him in the garden has been jailed for at least 22 years.
Maureen Rickards caused her husband “unimaginable pain and suffering”, said the Crown Prosecution Service (CPS).
She was found guilty at Canterbury Crown Court last month and today got a life sentence with a minimum of 22 years.
Jeremy Rickards, 65, was found wrapped in bin bags inside a hold-all at the couple’s property inSt Martin’s Road, Canterbury, on 11 July last year.
He had five stab wounds to his chest – two of which pierced his heart.
There were also non-fatal injuries sustained about 10 days before his death, as well as other wounds thought to have been weeks old.
Grass cuttings were put over the body in an attempt to hide it, but the judge said police were alerted by an “overpowering odour” that “made them feel ill”.
Kent Police believe he was killed a month earlier and his corpse stored in an attic room cupboard before being moved.
Rickards, 50, told their daughter he had gone to Saudi Arabia for work, but police had no record of him leaving the UK.
The daughter became concerned by the style of messages she received and asked her mother if she’d taken over his phone.
She eventually reported him missing.
Image: Jeremy Rickards: Pic: LinkedIn
The last record of Mr Rickards being alive was when he topped up his phone on 8 June.
CCTV showed his wife of 27 years using his bank card a few weeks later, with the judge saying the cleaning products she bought were probably to clean up the killing.
Rickards was initially arrested for fraud – but officers searched the property and found the body.
The murder weapon has never been found.
Police said the victim was also seen with bruising on his face a few weeks before his death, telling a pub staff member he had been in a car accident.
But video found on his wife’s phone showed her shouting at him and the sounds of her beating him.
Mr Rickards briefly moved out of home in early June and was seen with numerous injuries at the property he stayed in.
His wife did not attend sentencing, but judge Mr Justice Kerr directed his comments towards her, saying: “Your videos also clearly show you threatening Jeremy, abusing him, using violence on him, and expressing an intention to kill him.
“He was in frail health and largely defenceless against you.”
Detectives said Rickards has never expressed remorse for the killing and tried to blame others.
“This was a horrific murder of a man who we believe had been a supportive husband to his wife, despite her violence towards him,” said Detective Inspector Colin McKeen.