Home Asking Price Index, April 2019: Brexit blues make for slowest spring market in five years
Typical Time on Market in England and Wales rose to 93 days in April 2019, the slowest since 2014, as Brexit uncertainty curbed supply and demand.
This is the April 2019 edition of the Home Asking Price Index, released on 12 April 2019, under the headline:
Brexit Blues Make for Slowest Spring Market in Five Years
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
- Typical Time on Market for England and Wales is currently 93 days (median), 15 days longer than in April 2018, making it the slowest April since 2014.
- Supply of UK instructions down 8% year-on-year as vendors play wait and see.
- National average price growth remains negative (-0.3%) year-on-year.
- Spring optimism boosts the average home price in England and Wales, by 0.2% again this month.
- Seasonal positivity nudges up prices in Wales and Scotland, and in all English regions with the exception of the East of England (-0.1%), the North East (-0.2%) and Greater London which remained the same (month-on-month).
Summary
Overall, annualised price growth in England and Wales remains in the red (-0.3%) despite a muted month-on-month rise of 0.2%. Spring optimism has, in fact, managed to lift prices in the northern and western English regions, Wales and Scotland. However, increased negative sentiment in the South and East meant no change for Greater London and falls for the East of England (-0.1%) and the North East (-0.2%). The South East and South West did manage small rises (0.2% and 0.4% respectively since March) but have remained in negative territory year-on-year.
London's annualised losses have notched back again from 3.2% to 3.1%, although the average price remains 6.9% lower than the peak set in May 2016. Asking price falls in the South East also continue to ease (now 1.7% year-on-year) but worsened in the East (2.9%) where the post-boom price correction is fully underway.
Key figures
| Measure | Figure |
|---|---|
| Typical Time on Market | 93 days |
| Annual price change | -0.3% |
| Monthly price change | +0.2% |
| Change in new instructions | -8% |
| Total stock change (year-on-year) | +3.7% |
Figures are for England and Wales unless the report states otherwise, as published in the edition.
Charts from the report
Source: Home.co.uk Asking Price Index, April 2019. Indexed to May 2004 (Value =100).
Source: Home.co.uk Asking Price Index, April 2019
Source: Home.co.uk Asking Price Index, March 2019
Source: Home.co.uk Asking Price Index, March 2019
Source: Home.co.uk Asking Price Index, April 2019
Source: Home.co.uk Asking Price Index, April 2019. Note: Average = Mean (days), Typical = Median (days)
Regional tables
UK Asking Prices, Apr-19
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £186,099 | 0.4% | 2.3% |
| North East | £157,829 | -0.2% | 0.3% |
| Yorks & The Humber | £198,269 | 0.5% | 3.3% |
| England & Wales | £305,922 | 0.2% | -0.3% |
| North West | £204,333 | 0.4% | 3.2% |
| West Midlands | £251,790 | 0.5% | 4.8% |
| East Midlands | £234,370 | 0.2% | 2.4% |
| East | £349,879 | -0.1% | -2.9% |
| Wales | £207,521 | 0.7% | 5.6% |
| Greater London | £515,025 | 0.0% | -3.1% |
| South East | £392,565 | 0.2% | -1.7% |
| South West | £321,892 | 0.5% | -0.4% |
UK Time on Market, Apr-19
| Region | Average Time on Market | Typical Time on Market | Annual % supply change |
|---|---|---|---|
| Scotland | 230 | 126 | 0% |
| North East | 229 | 126 | -1% |
| Yorks & The Humber | 174 | 86 | -2% |
| England & Wales | 174 | 93 | -8% |
| North West | 181 | 106 | -9% |
| West Midlands | 144 | 72 | 4% |
| East Midlands | 143 | 74 | 0% |
| East | 144 | 81 | -6% |
| Wales | 231 | 137 | -8% |
| Greater London | 180 | 106 | -25% |
| South East | 147 | 79 | -10% |
| South West | 161 | 86 | -7% |
From the director's commentary
"With the no-deal Brexit scenario seemingly less likely following an exceptionally close parliamentary vote, the negotiations could go on for some time. The short-term outlook for the UK therefore resembles a slow-motion property market with fewer participants."
Doug Shephard, Director at Home.co.uk
Read the full April 2019 edition (PDF, 7 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 2019 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