Home Asking Price Index, April 2009: market prices falling more slowly
Asking prices in England and Wales fell 0.4% in March, taking the annual decline to 6.9%, while typical time on market rose to 175 days.
This is the April 2009 edition of the Home Asking Price Index, released on 14 April 2009, under the headline:
Market Prices Falling More Slowly
The headlines and summary below are the report's own words, with the key figures as it published them, followed by the report's charts and regional tables as printed.
Headlines
- The mix-adjusted average Asking Price for homes on the market in England and Wales has fallen 0.4% since March.
- Monthly average price falls observed in 5 of the 9 English regions & Wales.
- Asking Prices across England and Wales have fallen 6.9% since April 08.
- The average Asking Price reduction in March was £20,592.
- Typical Time on Market rose slightly to 175 days for unsold homes for sale.
- Greater London prices hold firm for second consecutive month.
Summary
The UK housing market presents a mixed picture this month, consistent with sellers' expectations of a spring bounce amidst desperate market conditions. Asking prices have held firm in 4 of the 9 English regions and Scotland. Greater London and the South East show small rises in asking prices for a second consecutive month. However, price-cutting is still prevalent and Time-on-Market indicators are still rising overall.
Asking prices of 66,316 homes on the market were cut in March, more than the number of reductions recorded for February (63,777). The value of the average price cut in March rose slightly from February (£19,839) to £20,592.
Key figures
| Measure | Figure |
|---|---|
| Monthly change since March | -0.4% |
| Annual change since April 08 | -6.9% |
| Typical Time on Market | 175 days |
| Number of price reductions in March | 66,316 |
| Number of price reductions in February | 63,777 |
| Average price cut in February | £19,839 |
| HAPI index | 98.2 |
Figures are for England and Wales unless the report states otherwise, as published in the edition.
Charts from the report
Laspeyres Index based on Weighted Arithmetic Mean of Weighted Arithmetic Mean of Regional House Prices. [May04 = 100]
Laspeyres Indices based on Weighted Arithmetic Mean of Regional House Prices [May04 = 100]
Laspeyres Index based on Weighted Arithmetic Mean of Regional House Prices [May04 = 100]
Laspeyres Index based on Weighted Arithmetic Mean of Regional House Prices [May04 = 100]
Laspeyres Index based on Weighted Arithmetic Mean of Regional House Prices [May04 = 100]
Source: HM Land Registry
Regional tables
Regional Housing Markets
| Current average price | 12-month change | |
|---|---|---|
| Wales | £185,240 | -4.7% |
| North East | £160,789 | -4.7% |
| Scotland | £170,615 | -5.2% |
| Yorkshire and Humber | £172,812 | -5.5% |
| South West | £251,858 | -6.1% |
| North West | £178,378 | -6.4% |
| Greater London | £330,049 | -7.0% |
| South East | £271,045 | -7.1% |
| East Anglia | £243,607 | -7.5% |
| East Midlands | £173,343 | -8.0% |
| West Midlands | £187,900 | -8.9% |
Regional Asking Prices for April 2009, showing % change since April 2008.
Read the full April 2009 edition (PDF, 10 pages)
About the Home Asking Price Index
The Home Asking Price Index measures the change in the prices sellers ask for residential property across England, Wales and Scotland. Today it is computed every month from around half a million advertised homes and is mix-adjusted, so a change in what happens to be on the market does not move the figure; earlier editions state the sample they were built from. Because an asking price is set months before a sale completes, the index runs around five months ahead of completed-sale measures such as the UK House Price Index.
Every edition in the archive, back to October 2006, is listed on the index page. How we measure the UK property market explains the listing data behind it, and today's figures by area are on house prices and rental prices.
Text and figures above are quoted from the April 2009 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
More in What is happening to house prices: the Home guide
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