Home Asking Price Index, February 2015: londoners price too high as properties pile up
Asking prices for England and Wales rose 0.8% in the month and 7.1% annually, while rising supply lengthened London's typical time on market.
This is the February 2015 edition of the Home Asking Price Index, released on 12 February 2015, under the headline:
Londoners Price Too High as Properties Pile Up
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
- London prices shoot up 1.8% despite rising supply.
- Asking prices rise in six English regions and leap 1.9% in Scotland.
- Prices rise by 0.8% overall in England and Wales during the last month.
- The average annual appreciation for England and Wales moves down to 7.1%.
- Supply of property for sale up by 19% (Jan. 2015 vs. Jan. 2014) across the UK.
- Typical time on market is now 18 days less than it was in February last year.
- Prices continue to slide in Prime Central London.
Summary
Encouraged by last year's positive property market performance, sellers' asking prices are already rising quickly in London and the South East of England. However, supply in the capital seems to be overwhelming demand as the typical time on market in London is now 20 days longer than it was in February 2014, and the supply of fresh stock for sale is up by 51% year-on-year. Price rises are also quick out of the blocks in East Anglia and the West Midlands. Optimism also abounds post-referendum in Scotland, where prices have jumped 1.9% in just one month.
Not all regions, however, share the same upbeat sentiment. Prices are essentially static in the East Midlands, Wales and the North West, whilst in the long-suffering North East, they dropped by 0.9% over the last month. Elsewhere, small price rises were observed in the West Midlands, Yorkshire and the South West (0.7%, 0.2% and 0.2% respectively).
Overall, the current mix-adjusted average asking price for England and Wales shows that properties on the market are valued 7.1% higher than they were in Feb. 2014. The typical time on market for England and Wales is now 125 days, which is 18 days less than this time last year.
Key figures
| Measure | Figure |
|---|---|
| Average asking price (England & Wales) | £268,176 |
| Monthly change (England & Wales) | 0.8% |
| Annual change (England & Wales) | 7.1% |
| Typical time on market (England & Wales) | 125 days |
| Supply increase (UK, Jan 2015 vs Jan 2014) | 19% |
Figures are for England and Wales unless the report states otherwise, as published in the edition.
Charts from the report
Source: Home.co.uk, February 2015
Source: Home.co.uk, February 2015
Source: Home.co.uk, February 2015
Source: Home.co.uk, February 2015
Source: Home.co.uk, February 2015. Note: Average = Mean (days), Typical = Median (days)
Regional tables
UK Asking Prices, Feb-15
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £164,853 | 1.9% | 4.4% |
| North East | £152,200 | -0.9% | 0.1% |
| Yorks & The Humber | £171,610 | 0.2% | 2.1% |
| England & Wales | £268,176 | 0.8% | 7.1% |
| North West | £176,034 | -0.2% | 1.5% |
| West Midlands | £204,108 | 0.7% | 4.2% |
| East Midlands | £193,108 | -0.1% | 4.9% |
| East | £282,522 | 0.9% | 7.7% |
| Wales | £179,337 | -0.1% | 1.0% |
| Greater London | £486,889 | 1.8% | 14.6% |
| South East | £347,492 | 1.4% | 7.7% |
| South West | £280,293 | 0.2% | 4.5% |
UK Time on Market, Feb-15
| Region | Average Time on Market | Typical Time on Market | Annual % supply change |
|---|---|---|---|
| Scotland | 271 | 159 | 19% |
| North East | 323 | 178 | 11% |
| Yorks & The Humber | 252 | 152 | 5% |
| England & Wales | 205 | 125 | 19% |
| North West | 250 | 153 | 5% |
| West Midlands | 202 | 128 | 14% |
| East Midlands | 192 | 123 | 11% |
| East | 144 | 96 | 18% |
| Wales | 285 | 173 | 15% |
| Greater London | 121 | 87 | 51% |
| South East | 127 | 87 | 28% |
| South West | 175 | 120 | 15% |
From the director's commentary
"This year, however, rising supply will make its presence felt in London and the South East, thereby placing downward pressure on prices. These regions are much further on in the economic cycle than the northern regions, where price recovery remains as yet elusive."
Doug Shephard, Director at Home.co.uk
Read the full February 2015 edition (PDF, 6 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 2015 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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