Home Asking Price Index, December 2018: 2018, a year of mixed fortunes
England and Wales asking prices fell 0.5% this month, while annual growth edged up to 0.8%, as Wales and the North West continued strong regional gains.
This is the December 2018 edition of the Home Asking Price Index, released on 12 December 2018, under the headline:
2018: A Year of Mixed Fortunes
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
- Northern and western property markets continue to thrive: prices were up by 7.4% in Wales, 5.2% in the West Midlands and 4.8% in the North West year-on-year (YoY).
- The average home price in England and Wales fell by 0.5% this month, pushed down by seasonal factors and price-correcting regions in the South and the East of England.
- Typical Time on Market continues to rise in London (+9%), the South East (+13%) and the East of England (+12%) year-on-year, leading to further vendor frustration and price cutting.
- The largest monthly fall was in the East of England again (-1.0%), as supply overwhelms demand.
- 10.9% more properties were reduced in price whilst on the market last month, compared to November 2017.
- Supply increases eased last month offering some respite for vendors: up by just 3% year-on-year.
- The largest surge in supply was observed in the beleaguered East of England (+12%).
- The mix-adjusted average price growth for England and Wales nudged up slightly to 0.8% YoY but looks set to fall into negative territory in 2019.
- Meanwhile, rents are rising by 3.4% nationally and a massive 6.3% in Greater London.
- Typical Time on Market for England and Wales has risen to 95 days, two days longer than in December 2017.
Summary
Overall, supply of property for sale in the UK is up by 3% and the total stock has increased by 10.8% year-on-year.
In December 2017, the annualised rate of increase of home prices was 2.6%; the same measure today is just 0.8% and continues to trend towards the negative.
Key figures
| Measure | Figure |
|---|---|
| Monthly change in asking prices (England and Wales) | -0.5% |
| Annual change in mix-adjusted average price (England and Wales) | +0.8% |
| Typical Time on Market (England and Wales) | 95 days |
| Supply increase (UK, year-on-year) | +3% |
| Total stock increase (UK, year-on-year) | +10.8% |
| Increase in properties reduced in price (vs November 2017) | +10.9% |
| Average asking rent change (nationally) | +3.4% |
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, December 2018
Source: Home.co.uk Asking Price Index, December 2018
Source: Home.co.uk Asking Price Index, December 2018 and ONS (RPI ex. housing).
Source: Home.co.uk Asking Price Index, December 2018
Source: Home.co.uk Asking Price Index, December 2018. Note: Average = Mean (days), Typical = Median (days)
Regional tables
UK Asking Prices, Dec-18
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £185,491 | -0.1% | 2.2% |
| North East | £156,679 | 0.0% | 0.6% |
| Yorks & The Humber | £196,739 | -0.5% | 4.7% |
| England & Wales | £306,869 | -0.5% | 0.8% |
| North West | £203,545 | -0.5% | 4.8% |
| West Midlands | £250,181 | -0.3% | 5.2% |
| East Midlands | £233,172 | -0.2% | 3.6% |
| East | £354,075 | -1.0% | -0.6% |
| Wales | £206,069 | 0.2% | 7.4% |
| Greater London | £518,257 | -0.5% | -2.5% |
| South East | £397,056 | -0.7% | -0.8% |
| South West | £322,386 | -0.8% | 0.7% |
UK Time on Market, Dec-18
| Region | Average Time on Market | Typical Time on Market | Annual % supply change |
|---|---|---|---|
| Scotland | 111 | 220 | 7% |
| North East | 122 | 229 | 3% |
| Yorks & The Humber | 100 | 176 | 0% |
| England & Wales | 168 | 95 | 3% |
| North West | 103 | 178 | -1% |
| West Midlands | 81 | 142 | 7% |
| East Midlands | 83 | 141 | 3% |
| East | 83 | 135 | 12% |
| Wales | 123 | 226 | 10% |
| Greater London | 95 | 168 | -7% |
| South East | 86 | 140 | 5% |
| South West | 90 | 153 | 5% |
From the director's commentary
"Looking ahead to 2019, our trend indicators suggest that national price growth will likely be in the red by 1.0% towards the end of next year. We don't expect London prices to pull out of their shallow dive until 2020 and, what's more, other regions look set to slide into negativity in 2019."
Doug Shephard, Director at Home.co.uk
Read the full December 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 December 2018 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
More in What is happening to house prices: the Home guide
Thinking about your next move?
See what your home's worth in seconds, with the UK's longest-running property data behind it.
Get an instant valuation