Home Asking Price Index, August 2017: the west and north prosper while London and the South East weaken
England and Wales asking prices dipped 0.1% in August 2017 to £306,317, up 3.3% annually, while London and the South East continued to weaken.
This is the August 2017 edition of the Home Asking Price Index, released on 15 August 2017, under the headline:
The West and North Prosper while London and the South East Weaken
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
- East Midlands leads the regional growth table with annualised gains of 6.5%.
- Home prices dip by 0.1% month-on-month but remain up 3.3% year-on-year.
- Greater London prices drop 0.8% this month but are 0.4% higher than in August 2016.
- Properties continue to spend longer on the market in the East of England, South East and Greater London as these high-priced markets lose favour with buyers.
- The West Midlands and East Midlands markets are the most improved over the last 12 months, as indicated by falling Time on Market figures and rising prices.
- Typical Time on Market rises by two days to 84 days, two days less than in August 2016 (England and Wales).
- The total number of properties on the market in England and Wales is down by 4% YoY.
- Following an intense surge, supply has now slowed in the East, London and South East.
Summary
Whilst the overall picture is one of stagflation, with the national average price rising slightly slower than inflation, the UK property market shows considerable diversity at the regional level. The East and West Midlands are in the midst of a post-recovery property boom and supply remains tight in both regions. The North West and Yorkshire are also showing considerable new-found vigour, while the London and South East markets are suffering a post-boom malaise weighed down by high prices and falling rents.
Wales and the South West have shown solid performances over the last six months, during which time prices have risen faster than the national average. Rents are also rising in both regions and this will attract further investment, but Wales has already had by far the biggest rise over the last year at 8.3%.
Key figures
| Measure | Figure |
|---|---|
| Average asking price (England & Wales) | £306,317 |
| Monthly change | -0.1% |
| Annual change | 3.3% |
| Typical Time on Market | 84 days |
| Total properties on market | -4% YoY |
Figures are for England and Wales unless the report states otherwise, as published in the edition.
Charts from the report
Source: Home.co.uk, August 2017
Source: Home.co.uk, August 2017
Source: Home.co.uk, August 2017
Source: Home.co.uk, August 2017
Source: Home.co.uk, August 2017
Source: Home.co.uk, August 2017. Note: Average = Mean (days), Typical = Median (days)
Regional tables
UK Asking Prices, Aug-17
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £181,484 | -1.1% | 2.1% |
| North East | £156,729 | -0.3% | 0.5% |
| Yorks & The Humber | £188,603 | 0.8% | 4.1% |
| England & Wales | £306,317 | -0.1% | 3.3% |
| North West | £193,317 | 0.5% | 3.9% |
| West Midlands | £235,359 | 0.1% | 4.3% |
| East Midlands | £222,902 | 0.0% | 6.5% |
| East | £358,786 | 0.0% | 6.0% |
| Wales | £191,010 | 0.4% | 2.6% |
| Greater London | £539,885 | -0.8% | 0.4% |
| South East | £405,678 | 0.0% | 3.5% |
| South West | £321,992 | 0.1% | 4.9% |
UK Time on Market, Aug-17
| Region | Average Time on Market | Typical Time on Market | Annual % supply change |
|---|---|---|---|
| Scotland | 228 | 97 | -15% |
| North East | 233 | 115 | -10% |
| Yorks & The Humber | 174 | 89 | -10% |
| England & Wales | 155 | 84 | -5% |
| North West | 176 | 93 | -6% |
| West Midlands | 138 | 72 | -7% |
| East Midlands | 133 | 71 | -7% |
| East | 105 | 63 | 3% |
| Wales | 228 | 118 | -9% |
| Greater London | 132 | 77 | -3% |
| South East | 111 | 68 | 1% |
| South West | 142 | 78 | -7% |
From the director's commentary
"We expect further significant price falls, as observed this month, in the capital region over the autumn and winter months. In Aug 2016, the annualised rate of increase of home prices was 5.3%; today the same measure is 3.3%."
Doug Shephard, Director at Home.co.uk
Read the full August 2017 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 August 2017 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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