Home Asking Price Index, December 2012: prices take a bow in best year post-crisis
UK asking prices rose 2.4% annually in 2012, the best year for growth since the financial crisis, though prices fell in the North West.
This is the December 2012 edition of the Home Asking Price Index, released on 12 December 2012, under the headline:
Prices Take a Bow in Best Year Post-Crisis
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
- Asking prices down: -0.5% since November, in line with seasonal expectations.
- Demand up again: Typical Time on Market 9 days lower than in December 2011.
- Supply remains low: fewest properties on the market since May 2010.
- Asking prices increased in 8 English regions, Scotland and Wales over the last year, while home prices fell in the North West.
- Time on Market (average) rises to 222 days, 1 day shorter than in December 2011.
- Annual change in UK home prices: +2.4%
- 6-month change: +0.2%
Summary
2012 has been the best year for price growth in UK property since the financial crisis. Typical time on market for England and Wales is now 129 days, 9 days lower than in December 2011. UK house price rises have been year-on-year positive for 13 consecutive months. Low interest rates and strong rental demand continue to drive the market towards recovery. However, UK price growth remains behind inflation (RPI ex-housing) and marketing times still need to come down further.
The market still remains bi-polar with London and the South East enjoying much better market conditions than the North. Greater London has shown price growth of 4.7% over the last year while the North West has suffered a loss of 0.5%. Suffice to say, confidence in the market is still very much lacking in the northern regions. Spring 2013 may well show some improvement in the fortunes of property in the North, Scotland and Wales. Meanwhile, London and its surrounding regions are expected to continue to prosper.
Key figures
| Measure | Figure |
|---|---|
| Monthly change in asking prices | -0.5% |
| Annual change in asking prices | +2.4% |
| 6-month change | +0.2% |
| Typical Time on Market | 129 days |
| Average Time on Market | 222 days |
| England & Wales average asking price | £232,525 |
| England & Wales 3-month change | +0.3% |
| HAPI index (England & Wales) | 99.3 |
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 2012, showing gains and losses for Q4 and current typical time on
| Current average price | 3-month change | Median ToM (days) | |
|---|---|---|---|
| Greater London | £358,203 | +0.9% | 86 |
| South East | £296,317 | +0.7% | 91 |
| Wales | £174,797 | +0.6% | 173 |
| West Midlands | £188,588 | +0.4% | 136 |
| East Anglia | £249,136 | +0.3% | 104 |
| Scotland | £160,485 | +0.2% | 162 |
| North East | £152,609 | +0.2% | 188 |
| South West | £254,687 | 0.0% | 113 |
| East Midlands | £173,871 | -0.4% | 133 |
| Yorkshire and Humber | £166,820 | -0.4% | 162 |
| North West | £171,535 | -0.8% | 158 |
| England & Wales | £232,525 | +0.3% | 129 |
market.
Read the full December 2012 edition (PDF, 13 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 2012 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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