Home Asking Price Index, April 2014: home prices rising faster than ever
Average asking prices in England and Wales climbed 1.3% in April, pushing annual growth to 8.4%, driven mainly by London and the South East.
This is the April 2014 edition of the Home Asking Price Index, released on 15 April 2014, under the headline:
Home Prices Rising Faster Than Ever
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
- Home prices across England and Wales leapt a further 1.3% over the last month, bringing annual rise to 8.4%
- Home prices are now rising faster than at any time during the last property boom
- The Greater London home market still tops the regional rankings with an 18.9% year-on-year increase
- Typical time on market plummets to 96 days, 34 days less than in April 2013
- Supply of properties for sale down 12% year-on-year and down 48% since March 2008
- Prices in East Anglia play 'catch-up', rising 2.2% since March
Summary
The national average home price continues to rise at a breathtaking rate despite the lacklustre performance of the northern regions and Wales. Government initiatives stoking demand coupled with unprecedented low supply are driving prices inexorably higher. The annual rate of increase, currently 8.4%, is now higher than at any period prior to the financial crisis as measured by this index. This record price growth is all the more extraordinary when we consider the fact that sub-inflation price rises are still being observed in the North East, North West, Yorkshire and Wales. The key markets that are driving the national average so much higher are London and the South East, with East Anglia hot on their heels. Despite a seasonal uptick, Scottish asking prices remain unchanged since this time last year.
Key figures
| Measure | Figure |
|---|---|
| Average Asking Price (England & Wales) | £256,976 |
| Monthly % change (England & Wales) | 1.26% |
| Annual % change (England & Wales) | 8.39% |
| Typical Time on Market | 96 days |
| Supply change year-on-year | -12% |
| Supply change since March 2008 | -48% |
Figures are for England and Wales unless the report states otherwise, as published in the edition.
Charts from the report
Source: Home.co.uk, April 2014
Source: Home.co.uk, April 2014
Source: Home.co.uk, April 2014
Sources: ONS [RPI ex. housing], Home.co.uk
Regional tables
UK Asking Prices, Apr-14
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £160,517 | 1.98% | -0.04% |
| North East | £153,362 | -0.04% | 0.54% |
| Yorks & The Humber | £170,045 | 0.22% | 0.54% |
| England & Wales | £256,976 | 1.26% | 8.39% |
| North West | £176,093 | 0.63% | 2.47% |
| West Midlands | £199,000 | 0.95% | 3.93% |
| East Midlands | £187,026 | 0.96% | 5.53% |
| East | £271,036 | 2.24% | 7.18% |
| Wales | £178,964 | 0.34% | 2.02% |
| Greater London | £443,420 | 1.21% | 18.88% |
| South East | £332,250 | 1.83% | 9.84% |
| South West | £273,573 | 1.74% | 5.94% |
From the director's commentary
"More effort should be taken to correct published house price figures for the effects of inflation as it is vital if we are to compare current prices with historic figures accurately."
Doug Shephard, director at Home.co.uk
Read the full April 2014 edition (PDF, 6 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 2014 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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