Home Asking Price Index, April 2016: prices push on up across the regions but London stalls
England and Wales asking prices rose 0.5% in April 2016, up 7.5% annually, while London prices held flat and marketing times fell to 76 days.
This is the April 2016 edition of the Home Asking Price Index, released on 12 April 2016, under the headline:
Prices Push On Up Across the Regions but London Stalls
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
- Prices rise in all parts of the UK except London, making the mix-adjusted average asking price for England and Wales jump a further 0.5% since last month.
- East of England, London and the South East marketing times creep up in the wake of the BTL buying frenzy.
- The East of England shows the largest monthly rise of 1.0% as demand outweighs supply in the region.
- Supply continues to contract overall with a decrease of 6% year-on-year.
- Typical Time on Market plummets to just 76 days across England and Wales: 12 days less than in Apr 2015 and the lowest such figure observed since Dec 2007.
- The average annual home price appreciation for England and Wales dips again to 7.5%.
- The total stock of property on the market edges up but is still 12% less than in April last year.
- Supply of property for sale continues to increase in Greater London.
Summary
As the dust settles following the extraordinary Buy-to-Let buying frenzy triggered by the change in stamp duty, we observe that home prices show continued growth in all regions except Greater London this month. However, rising Typical Time on Market figures in the East of England, the South East and Greater London are contrary to seasonal expectations, and this is a clear indicator that the anticipated slowdown is taking hold as demand dips, at least for the time being, while the market pauses for breath. In Greater London, the combination of high prices, rising supply and reduced demand region looks set to keep prices in check over the coming months.
Key figures
| Measure | Figure |
|---|---|
| Average asking price (England & Wales) | £294,098 |
| Monthly change | 0.5% |
| Annual change | 7.5% |
| Typical Time on Market | 76 days |
| Change in new instructions | -6% |
| Total stock of property change (year-on-year) | -12% |
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 2016
Source: Home.co.uk, April 2016
Source: Home.co.uk, April 2016
Source: Home.co.uk, April 2016
Source: Home.co.uk, April 2016. Note: Average = Mean (days), Typical = Median (days)
Regional tables
UK Asking Prices, Apr-16
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £175,898 | 0.7% | 5.3% |
| North East | £154,802 | 0.7% | 1.1% |
| Yorks & The Humber | £178,537 | 0.8% | 2.7% |
| England & Wales | £294,098 | 0.5% | 7.5% |
| North West | £182,915 | 0.9% | 2.8% |
| West Midlands | £220,561 | 0.6% | 6.4% |
| East Midlands | £205,929 | 0.9% | 5.4% |
| East | £324,485 | 1.0% | 11.5% |
| Wales | £184,021 | 0.3% | 1.6% |
| Greater London | £549,903 | 0.0% | 9.8% |
| South East | £390,093 | 0.6% | 10.1% |
| South West | £300,358 | 0.8% | 5.4% |
UK Time on Market, Apr-16
| Region | Average Time on Market | Typical Time on Market | Annual % supply change |
|---|---|---|---|
| Scotland | 239 | 126 | 5% |
| North East | 253 | 140 | -5% |
| Yorks & The Humber | 202 | 109 | -8% |
| England & Wales | 169 | 76 | -6% |
| North West | 212 | 123 | -10% |
| West Midlands | 164 | 74 | -12% |
| East Midlands | 150 | 69 | -9% |
| East | 110 | 53 | -7% |
| Wales | 246 | 153 | -10% |
| Greater London | 107 | 55 | 6% |
| South East | 100 | 52 | -2% |
| South West | 151 | 72 | -11% |
From the director's commentary
"The Buy-to-Let stampede has meant that the property market has had what amounts to a dose of steroids to kick off what was already going to be an excellent year for house prices."
Doug Shephard, Director at Home.co.uk
Read the full April 2016 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 2016 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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