Home Asking Price Index, August 2019: home prices slip but market still strong despite Brexit
Average asking prices in England and Wales fell 0.2% annually in August 2019, while London stabilised and the East of England dropped 3.0%.
This is the August 2019 edition of the Home Asking Price Index, released on 13 August 2019, under the headline:
Home Prices Slip but Market Still Robust Despite Brexit
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 mix-adjusted average home price in England and Wales slips 0.1% month-on-month.
- Typical Time on Market lowers in London counter to last year's H2 trend, suggesting momentum is returning.
- Supply of new instructions down in most regions but year-on-year increases for the month of July observed in the East Midlands (+1%) and West Midlands (+6%), while there was no change in the North West.
- Typical Time on Market for England and Wales is currently 93 days (median), nine days longer than in August 2018, making it the slowest August since 2013.
Summary
Overall, home prices are holding firm despite all manner of Brexit woes. Thanks to continued low interest rates, significant demand remains evident despite the slowdown. Home values are also being supported by reduced supply owing to caution on the part of vendors. Moreover, price corrections in London and the surrounding areas are playing out in an orderly fashion. No sign of panic selling and certainly no major price drops.
London, the UK's leading market, looks to be on the mend. Caution on the part of vendors has cut the supply of new instructions and, after more than three years of sliding prices, fewer properties for sale has afforded London a timely realignment of supply and demand, thereby stabilising prices. Recovery appears near as suggested by several recent monthly reductions in the Typical Time on Market (median). In addition, year-on-year losses are being trimmed each month and there has been a reduction in total stock for sale of around 17% since August 2018.
Key figures
| Measure | Figure |
|---|---|
| Monthly change in asking prices | -0.1% |
| Annual change in asking prices | -0.2% |
| Typical Time on Market | 93 days |
| Change in total sales stock | -3.6% |
| Annualised price growth (August 2018) | 1.1% |
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 2019, Indexed to May 2004 (Value =100).
Source: Home.co.uk Asking Price Index, August 2019.
Source: Home.co.uk Asking Price Index, August 2019
Source: Home.co.uk Asking Price Index, August 2019. Note: Average = Mean (days), Typical = Median (days)
Regional tables
UK Asking Prices, Aug-19
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £186,681 | -1.2% | 0.8% |
| North East | £160,599 | -0.3% | 1.9% |
| Yorks & The Humber | £201,849 | -0.1% | 2.8% |
| England & Wales | £308,856 | -0.1% | -0.2% |
| North West | £207,539 | 0.1% | 2.4% |
| West Midlands | £255,712 | 0.2% | 2.7% |
| East Midlands | £351,148 | -0.4% | -3.0% |
| East | £351,148 | -0.4% | -3.0% |
| Wales | £211,490 | -0.3% | 4.6% |
| Greater London | £516,572 | -0.2% | -1.9% |
| South East | £395,476 | -0.2% | -1.6% |
| South West | £325,282 | 0.1% | -0.7% |
UK Time on Market, Aug-19
| Region | Average Time on Market | Typical Time on Market | Annual % supply change |
|---|---|---|---|
| Scotland | 219 | 95 | -5% |
| North East | 183 | 93 | -12% |
| Yorks & The Humber | 167 | 86 | -2% |
| England & Wales | 173 | 91 | -4% |
| North West | 178 | 96 | 0% |
| West Midlands | 147 | 80 | 6% |
| East Midlands | 147 | 80 | 1% |
| East | 148 | 82 | -3% |
| Wales | 214 | 107 | -6% |
| Greater London | 183 | 93 | -12% |
| South East | 151 | 82 | -5% |
| South West | 163 | 86 | -7% |
The edition's headline bullet gives the England & Wales Typical Time on Market as 93 days; the map page prints 91, which is what this table carries.
From the director's commentary
"The London property market has rebalanced supply and demand and looks ready to return to growth next year. As they say, 'Keep Calm and Carry On'."
Doug Shephard, Director at Home.co.uk
Read the full August 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 August 2019 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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