Home Asking Price Index, April 2010: London leaving the regions behind
Asking prices in England and Wales rose 0.5% in March, with London up 1.5% and typical time on market falling to 123 days.
This is the April 2010 edition of the Home Asking Price Index, released on 12 April 2010, under the headline:
London Leaving the Regions Behind
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 rose by 0.5% for a second consecutive month.
- Monthly rises were observed in 7 out of 9 English regions and Scotland, whilst prices in Wales edged down.
- Greater London market house prices jumped a further 1.5%, making this the third monthly rise in a row.
- The typical (median) marketing time has eased back from 136 to 123 days since March, as house sales pick up.
- Asking prices in Scotland have risen 2.0% over the last quarter.
Summary
The UK property market is experiencing heightened optimism, which continues to buoy asking prices. Time-on-market figures continue to fall showing that the market is regaining momentum. However, the UK property market outside of Greater London and the South East is less rosy than the national figures might suggest. Asking prices in the North and West of England are relatively subdued and time-on-market figures for these regions indicate a much slower market.
Overall, this April 2010 asking price report shows that the UK property market to be bipolar between the London & the South East and the rest of England and Wales. Scotland, on the other hand, is showing a very strong bounce in asking prices, up 1.3% this month and 3.5% so far this year.
The year-on-year (YoY) change in Asking Prices for England and Wales has now moved into positive territory and now stands at 0.9%, showing a continued consolidation in market house prices over the last 12 months.
Key figures
| Measure | Figure |
|---|---|
| Average asking price (England & Wales) | £229,493 |
| Monthly change in asking prices | +0.5% |
| Annual (year-on-year) change | +0.9% |
| Typical Time on Market (median) | 123 days |
| Average Time on Market (mean) | 227 days |
| HAPI index (May04=100) | 98.0 |
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 | |
|---|---|---|
| Greater London | £347,484 | +4.1% |
| South East | £284,789 | +1.9% |
| South West | £254,258 | +1.6% |
| West Midlands | £190,416 | +1.4% |
| East Anglia | £238,841 | +0.2% |
| East Midlands | £172,179 | -1.0% |
| North West | £176,533 | -1.1% |
| Wales | £178,673 | -2.7% |
| Yorkshire and Humber | £170,347 | -3.1% |
| North East | £153,423 | -3.1% |
| Scotland | £162,830 | -4.2% |
| England & Wales | £229,493 | +0.9% |
Regional Asking Prices for April 2010, showing gains and losses since April 2009.
Read the full April 2010 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 2010 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
Thinking about your next move?
See what your home's worth in seconds, with the UK's longest-running property data behind it.
Get an instant valuation