Home Asking Price Index, February 2010: asking prices slide to new low
Asking prices in England and Wales fell 0.3% this month to £227,099, the lowest since the credit crunch, while marketing times rose to 141 days.
This is the February 2010 edition of the Home Asking Price Index, released on 12 February 2010, under the headline:
Asking Prices Slide to New Low
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 fell by 0.3% this month.
- Monthly falls were observed in 6 out of 9 English regions and in Wales.
- Scotland saw an increase in the mix-adjusted average Asking Price for homes this month of 0.3% but a fall over the past six months of 2.7%.
- The typical (median) marketing time has further increased from 134 to 141 days over the last month.
- Asking prices in England and Wales are now lower than at any time since the credit crunch and properties are taking longer to sell on average.
Summary
The UK property market remains depressed with the 6-month figures showing that only Greater London saw an increase in the mix-adjusted asking price over that period. Although the national year-on-year rate of price decline has fallen, the length of time taken to sell property is again increasing, as would be expected in such a poor economic climate. An increase in the monthly number of house price reductions, with 40,104 prices being cut during January, serves as further evidence that home sellers are under increasing pressure.
Many regions of the UK, particularly in the North, are still showing a downward trend in prices, albeit that the rate of decline has slowed from that seen directly following the credit crunch.
Overall the figures clearly show a property market still impacted by the recession and struggling to recover, particularly away from London and the South East.
Key figures
| Measure | Figure |
|---|---|
| Mix-adjusted average asking price | £227,099 |
| Monthly change | -0.3% |
| Annual change (YoY) | -0.7% |
| Typical Time on Market (median) | 141 days |
| Average Time on Market (mean) | 234 days |
| Price reductions in January | 40,104 |
| HAPI index | 97.0 |
| 6-month change (England & Wales) | -1.2% |
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 February 2010, showing gains and losses over the past 6
| Current average price | 6 month change | |
|---|---|---|
| Greater London | £339,090 | 0.4% |
| South East | £282,075 | -0.3% |
| East Midlands | £171,441 | -0.9% |
| East Anglia | £236,152 | -1.3% |
| South West | £250,741 | -1.6% |
| West Midlands | £190,403 | -1.9% |
| North West | £175,628 | -2.1% |
| Scotland | £158,625 | -2.7% |
| Yorkshire and Humber | £170,414 | -2.6% |
| Wales | £177,927 | -2.9% |
| North East | £152,791 | -3.3% |
| England & Wales | £227,099 | -1.2% |
months.
Read the full February 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 February 2010 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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