Home Asking Price Index, August 2018: home price falls spread across more regions
Average asking prices in England and Wales fell by 0.3% this month, with annual growth slowing to just 1.1% amid rising stock levels.
This is the August 2018 edition of the Home Asking Price Index, released on 14 August 2018, under the headline:
Home Price Falls Spread Across More Regions
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 in England and Wales fell overall by 0.3% this month.
- The largest monthly falls were in London (-0.6%) and the South East (-0.6%).
- Supply changes continue to indicate a worsening market for vendors: up by 4% year-on-year (YoY) but around 10% less than June's recent record total of 115,526 new instructions.
- The biggest supply increase was in the South West (+15% YoY).
- The total stock of properties on the market in England and Wales continues to rise (up 10.3% YoY) and is now at its highest level since Nov 2014.
- The mix-adjusted average price growth for England and Wales is now a mere 1.1% year-on-year: well below the rate of inflation.
- Regional markets in the North and West continue to indicate significant growth with Welsh prices up 5.9% and up 5.8% in the West Midlands YoY.
- Typical Time on Market continues to rise in London (+10%), the South East (+9%) and the East of England (+14% YoY).
- Prices have risen in only the North West, West Midlands and in Scotland since last month. Prices in all other English regions and in Wales fell.
- Typical Time on Market for England and Wales has risen to 84 days, the same as in August 2017.
Summary
Overall supply of property for sale in the UK is up by 4% and the total stock for sale has increased by 10.3% year-on-year.
In August 2017 the annualised rate of increase of home prices was 3.3%; today the same measure is just 1.1%.
Key figures
| Measure | Figure |
|---|---|
| Monthly price change | -0.3% |
| Annual price growth | +1.1% |
| Supply change (YoY) | +4% |
| Total stock change (YoY) | +10.3% |
| Typical Time on Market | 84 days |
| New instructions (June) | 115,526 |
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, August 2018
Source: Home.co.uk Asking Price Index, August 2018 * = no change.
Source: Home.co.uk Asking Price Index, August 2018
Source: Home.co.uk Asking Price Index, August 2018
Source: Home.co.uk Asking Price Index, August 2018. Note: Average = Mean (days), Typical = Median (days)
Regional tables
UK Asking Prices, Aug-18
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £185,144 | 0.5% | 2.0% |
| North East | £157,653 | -0.1% | 0.6% |
| Yorks & The Humber | £196,385 | -0.3% | 4.1% |
| England & Wales | £309,585 | -0.3% | 1.1% |
| North West | £202,618 | 0.2% | 4.8% |
| West Midlands | £249,015 | 0.4% | 5.8% |
| East Midlands | £233,251 | 0.0% | 4.6% |
| East | £362,010 | -0.5% | 0.9% |
| Wales | £202,264 | -0.1% | 5.9% |
| Greater London | £526,470 | -0.6% | -2.5% |
| South East | £401,791 | -0.6% | -1.0% |
| South West | £327,483 | -0.4% | 1.7% |
UK Time on Market, Aug-18
| Region | Average Time on Market | Typical Time on Market | Annual % supply change |
|---|---|---|---|
| Scotland | 210 | 86 | 5% |
| North East | 220 | 107 | -1% |
| Yorks & The Humber | 163 | 85 | 0% |
| England & Wales | 156 | 84 | 4% |
| North West | 171 | 93 | -3% |
| West Midlands | 138 | 72 | 3% |
| East Midlands | 129 | 71 | 7% |
| East | 119 | 72 | 9% |
| Wales | 215 | 104 | -2% |
| Greater London | 152 | 85 | -5% |
| South East | 124 | 74 | 8% |
| South West | 137 | 77 | 15% |
From the director's commentary
"Watch the rents. It's catch-up time."
Doug Shephard, Director at Home.co.uk
Read the full August 2018 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 August 2018 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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