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Home Asking Price Index, February 2007: housing market sentiment cools
Asking prices in England and Wales fell 0.1% in February, ending five months of consecutive rises, but were still 1.6% higher than a year earlier.
- Monthly change in asking prices
- -0.1%
- Annual change in asking prices
- +1.6%
- Greater London average asking price
- £320,567
In this article
This is the February 2007 edition of the Home Asking Price Index, released on 12 February 2007, under the headline:
Housing Market Sentiment Cools
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 for homes in England and Wales fell slightly by 0.1% ending a five-month run of consecutive rises.
- Asking Prices in England and Wales rose by 1.6% over the last 12 months (ca. 1.4% below the CPI, ca. 2.8% below the RPI and ca. 2.1% below the AEI).
- Greater London Asking Prices remain unchanged with a mix-adjusted average house price of £320,567
Summary
This month's figures suggest that market sentiment is beginning to cool off and the recent asking price rally may indeed be over. February's mix adjusted average asking price for homes on the market in England and Wales is 0.1% lower than January's figure. Albeit slight, this is the first monthly fall registered by this Index since Aug06 and suggests that the recent rising trend is losing momentum. Weakening confidence amongst sellers, in the wake of three recent interest rate hikes by the Bank of England, signifies that affordability constraints are beginning to bite harder. With the supply of homes on the market rising and demand falling, especially from first time buyers, a 'tipping point' may well be within sight.
Key figures
| Measure | Figure |
|---|---|
| Monthly change in asking prices | -0.1% |
| Annual change in asking prices | +1.6% |
| Greater London average asking price | £320,567 |
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 Index based on Weighted Arithmetic Mean of Regional House Prices
Laspeyres Index based on Weighted Arithmetic Mean of Regional House Prices
Source: HM Land Registry
Regional tables
Regional average asking prices for February 07, showing gains and losses over the last
| Scotland | £164,727 | +14.0% |
| Greater London | £320,567 | +5.2% |
| South West | £264,305 | +3.4% |
| South East | £278,222 | +3.5% |
| Wales | £193,097 | +2.8% |
| West Midlands | £201,509 | +2.6% |
| Yorkshire and Humber | £172,424 | +2.7% |
| East Anglia | £258,147 | +2.0% |
| North | £166,494 | +1.0% |
| North West | £184,717 | -0.6% |
| East Midlands | £187,834 | -2.0% |
six months.
Current Property Asking Prices in Liverpool by Number of Bedrooms
| No. of properties | Average price | Median price | |
|---|---|---|---|
| One bedroom | 612 | £120,455 | £110,000 |
| Two bedrooms | 2,746 | £142,327 | £132,975 |
| Three bedrooms | 5,694 | £161,957 | £150,000 |
| Four bedrooms | 1,899 | £250,168 | £225,000 |
| Five bedrooms | 420 | £320,538 | £274,972 |
Current Asking Prices in Liverpool by Dwelling Type
| No. of properties | Average price | Median price | |
|---|---|---|---|
| Flat | 2,177 | £157,727 | £139,995 |
| Detached | 1,805 | £281,945 | £239,500 |
| Semi-detached | 3,704 | £179,981 | £165,000 |
| Terraced | 2,392 | £123,742 | £115,000 |
Average Property Selling Prices in Liverpool (£000's)
| Dec 2005 | Dec 2006 | Change | |
|---|---|---|---|
| Detached | £236,889 | £216,163 | -9% |
| Semi | £143,017 | £154,358 | +8% |
| Terraced | £91,201 | £103,805 | +14% |
| Flat | £126,524 | £136,531 | +8% |
| All | £127,612 | £138,267 | +8% |
Median Property Selling Prices in Liverpool (£000's)
| Dec 2005 | Dec 2006 | Change | |
|---|---|---|---|
| Detached | £205,250 | £215,000 | +5% |
| Semi | £135,917 | £144,500 | +6% |
| Terraced | £81,000 | £92,250 | +14% |
| Flat | £119,890 | £125,000 | +4% |
Read the full February 2007 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 February 2007 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
