Home Asking Price Index, December 2010: little seasonal cheer for home sellers
Asking prices in England and Wales fell 0.5% in November while typical time on market rose 17 days to 135 days.
This is the December 2010 edition of the Home Asking Price Index, released on 13 December 2010, under the headline:
Little Seasonal Cheer for Home Sellers
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 Asking Price for homes on the market in England and Wales has fallen by a further 0.5%.
- There were monthly asking price falls in all English regions and Scotland; Wales registered no change.
- The number of properties reduced in price has fallen considerably to 55,272 for the month of November, but is still 38% more than in November 2009.
- Typical time on market jumped 17 days to 135 days (median).
- Annual change in asking prices: -0.1%
- 6-month change in asking prices: -1.0%
Summary
Prices of homes on the UK market have notched down again this month due to weak buyer demand. Both economic and seasonal factors are creating a headwind for an already weak property market. However, asking prices have remained remarkably stable for the last 20 months and are yet to deviate from a narrow range.
Over the last quarter asking prices have fallen by 0.4% in England and Wales. Such a drop is in line with seasonal fluctuations. However, more worryingly, the median Time on Market is rising in all English regions, Wales and Scotland at a much faster rate than expected for the time of year. Rising Time on Market figures usually portend a period of falling asking prices.
Key figures
| Measure | Figure |
|---|---|
| Average asking price (England & Wales) | £227,328 |
| Monthly change in asking prices | -0.5% |
| Annual change in asking prices | -0.1% |
| 6-month change in asking prices | -1.0% |
| Q4 change in asking prices | -0.4% |
| Typical time on market (median) | 135 days |
| Average time on market (mean) | 207 days |
| Properties reduced in price | 55,272 |
Figures are for England and Wales unless the report states otherwise, as published in the edition.
Charts from the report
Laspeyres Index based on Weighted Arithmetic Mean of Weighted Arithmetic Mean of Regional House Prices. [May04 = 100]
Laspeyres Indices based on Weighted Arithmetic Mean of Regional House Prices [May04 = 100]
Laspeyres Index based on Weighted Arithmetic Mean of Regional House Prices [May04 = 100]
Laspeyres Index based on Weighted Arithmetic Mean of Regional House Prices [May04 = 100]
Laspeyres Index based on Weighted Arithmetic Mean of Regional House Prices [May04 = 100]
Source: HM Land Registry
Regional tables
Regional Asking Prices for December 2010, showing gains and losses since September
| Current average price | Q4 change | |
|---|---|---|
| North West | £173,715 | +0.3% |
| Wales | £177,452 | +0.2% |
| East Anglia | £239,953 | 0.0% |
| East Midlands | £171,159 | -0.1% |
| Greater London | £341,754 | -0.3% |
| North East | £153,794 | -0.3% |
| South West | £250,521 | -0.5% |
| South East | £283,388 | -0.6% |
| West Midlands | £188,026 | -0.8% |
| Yorkshire and Humber | £168,144 | -1.0% |
| Scotland | £158,465 | -1.2% |
| England & Wales | £227,328 | -0.4% |
2010.
Read the full December 2010 edition (PDF, 10 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 December 2010 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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