Home Asking Price Index, April 2015: east England leads spring price growth
Asking prices rose across all English regions and Wales in April 2015, with East England leading growth and typical time on market falling to 88 days.
This is the April 2015 edition of the Home Asking Price Index, released on 14 April 2015, under the headline:
East England Leads Spring Price Growth
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 East of England leads spring price growth (leaping 1.7% since last month).
- Typical time on market in England and Wales has plunged to 88 days (eight days less than it was in April 2014).
- Asking prices post monthly rises in ALL English regions and Wales (but not in Scotland).
- Prices rise by 0.9% overall in England and Wales during the last month.
- The average annual appreciation for England and Wales moves down to 6.5%.
- Supply of property for sale up by just 3% (Mar. 2015 vs. Mar. 2014) across the UK.
- Average marketing time in the South East is lower than in Greater London for a third consecutive month.
- Average London home price surpasses the £500K mark.
Summary
Home prices have risen in all English regions and Wales over the last month reflecting increasing demand across the UK. Scottish prices nudged down slightly but remain 4.1% higher than last year. The typical time on market (median) for England and Wales has improved considerably. At 88 days, this already matches last year's post-crisis low and looks set to fall further despite the slower Greater London market.
Supply of property for sale in London has risen considerably over the course of the last year (+19%). Correspondingly, marketing times have increased (the typical marketing time is now 60 days which is 13 days longer than in April 2014). Despite this, prices continue to rise at a rate of 13.0% per annum.
Supply rises in other regions are either small or negligible and this is stimulating great price growth. Prices are surging higher in East England, where the typical time on market has fallen to a new post-crisis low of 64 days. East England, the South East, West Midlands and the South West all showed higher monthly price rises than Greater London this month.
Key figures
| Measure | Figure |
|---|---|
| Average asking price (England & Wales) | £273,593 |
| Monthly change (England & Wales) | 0.9% |
| Annual change (England & Wales) | 6.5% |
| Typical time on market (England & Wales) | 88 days |
| Supply of property for sale (UK) | 3% |
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 2015
Source: Home.co.uk, April 2015
Source: Home.co.uk, April 2015
Source: Home.co.uk, April 2015. Note: Average = Mean (days), Typical = Median (days)
Regional tables
UK Asking Prices, Apr-15
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £167,098 | 0.0% | 4.1% |
| North East | £153,195 | 0.3% | -0.1% |
| Yorks & The Humber | £173,925 | 0.8% | 2.3% |
| England & Wales | £273,593 | 0.9% | 6.5% |
| North West | £177,940 | 0.5% | 1.0% |
| West Midlands | £207,209 | 1.0% | 4.1% |
| East Midlands | £195,462 | 0.6% | 4.5% |
| East | £291,122 | 1.6% | 7.4% |
| Wales | £181,097 | 0.7% | 1.2% |
| Greater London | £500,970 | 0.8% | 13.0% |
| South East | £354,395 | 1.0% | 6.7% |
| South West | £284,870 | 1.0% | 4.1% |
UK Time on Market, Apr-15
| Region | Average Time on Market | Typical Time on Market | Annual % supply change |
|---|---|---|---|
| Scotland | 251 | 144 | 1% |
| North East | 281 | 159 | 1% |
| Yorks & The Humber | 230 | 135 | -1% |
| England & Wales | 186 | 88 | 3% |
| North West | 229 | 140 | 0% |
| West Midlands | 184 | 89 | -3% |
| East Midlands | 172 | 82 | -3% |
| East | 130 | 64 | 1% |
| Wales | 262 | 162 | 5% |
| Greater London | 116 | 60 | 19% |
| South East | 113 | 57 | 6% |
| South West | 156 | 78 | 6% |
From the director's commentary
"However, the market dynamic in London is changing and the same vigour that yielded such price growth is moving out to the regions via the Home Counties. The immediate future looks rosy for all of the UK, but much of this growth is based on debt at historic low rates of interest."
Doug Shephard, Director at Home.co.uk
Read the full April 2015 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 2015 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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