Home Asking Price Index, February 2019: prices move into the red after notching up 87 months of growth
Average asking prices in England and Wales fell 0.2% year-on-year in February 2019, ending eighty-seven consecutive months of growth.
This is the February 2019 edition of the Home Asking Price Index, released on 12 February 2019, under the headline:
Prices Move into the Red after Notching Up 87 Months of Growth
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
- National average price growth slides into the negative (-0.2% year-on-year), following 87 months of positive growth.
- Largest regional monthly fall is in the South West (-0.6%), as supply outweighs demand.
- Average home price in England and Wales falls again, by 0.2% this month.
- Typical Time on Market continues to rise in London (+16%), the South West (+16%), the South East (+19%) and the East of England (+19% year-on-year), as prices fall in each region.
Summary
Overall, supply of property for sale in the UK is up by 4% YoY and the total stock for sale has increased by 10.1%.
In February 2018, the annualised rate of increase of home prices was 2.3%; today the same measure is -0.2% and continues to trend further below zero.
Key figures
| Measure | Figure |
|---|---|
| Typical Time on Market (England & Wales) | 114 days |
| Monthly change in asking prices (England & Wales) | -0.2% |
| Annual change in asking prices (England & Wales) | -0.2% |
| Increase in price reductions (YoY) | +26.3% |
| Supply increase (UK, YoY) | +4% |
| Total stock for sale increase (UK, YoY) | +10.1% |
| UK asking rent annual change | +3.0% |
| UK asking rent change (3 months) | +3.1% |
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, February 2019. Indexed to May 2004 (Value =100).
Source: Home.co.uk Asking Price Index, February 2019
Source: Home.co.uk Asking Rent Index, February 2019
Source: Home.co.uk Asking Price Index, February 2019
Source: Home.co.uk Asking Price Index, February 2019. Note: Average = Mean (days), Typical = Median (days)
Regional tables
UK Asking Prices, Feb-19
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £184,597 | 0.5% | 1.8% |
| North East | £157,397 | 0.2% | 0.3% |
| Yorks & The Humber | £195,970 | 0.0% | 3.4% |
| England & Wales | £304,671 | -0.2% | -0.2% |
| North West | £203,325 | 0.1% | 4.3% |
| West Midlands | £250,415 | 0.2% | 5.0% |
| East Midlands | £232,956 | 0.1% | 2.7% |
| East | £350,560 | -0.3% | -1.8% |
| Wales | £205,768 | 1.0% | 6.4% |
| Greater London | £514,812 | -0.3% | -3.3% |
| South East | £390,974 | -0.5% | -2.5% |
| South West | £318,488 | -0.6% | -0.5% |
UK Time on Market, Feb-19
| Region | Average Time on Market | Typical Time on Market | Annual % supply change |
|---|---|---|---|
| Scotland | 239 | 138 | 13% |
| North East | 239 | 137 | 5% |
| Yorks & The Humber | 184 | 114 | 6% |
| England & Wales | 179 | 114 | 4% |
| North West | 188 | 121 | 4% |
| West Midlands | 151 | 99 | 10% |
| East Midlands | 149 | 98 | 13% |
| East | 145 | 100 | 8% |
| Wales | 239 | 141 | 2% |
| Greater London | 181 | 116 | -13% |
| South East | 152 | 105 | 3% |
| South West | 166 | 110 | 5% |
From the director's commentary
"The British property roller coaster continues its hair-raising ride. There is certainly never a dull moment when one considers the diverse fortunes of the regions."
Doug Shephard, Director at Home.co.uk
Read the full February 2019 edition (PDF, 8 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 2019 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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