Home Asking Price Index, January 2012: time on market rises to record high
Asking prices in England and Wales fell 0.3% in December while the average time on market hit a record 241 days, though annual prices rose 0.6%.
This is the January 2012 edition of the Home Asking Price Index, released on 12 January 2012, under the headline:
Time On Market Rises to Record High
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 on the market in England and Wales have fallen 0.3% since December, in line with seasonal expectations.
- Average time on market has risen further to 241 days: the longest since records began in 2004.
- East Anglia home prices increased 2.3% over the last year.
- Welsh home prices fell 2.1% over the last year.
- Predictions for a slow market in 2012 accompanied by slowly falling prices.
- Annual change in asking prices: +0.6%
- 6-month change: -0.5%
Summary
As we move into the New Year, it is becoming clear that the seasonal slowdown is more severe than this time last year. Whilst home asking prices are some 0.6% higher overall than last January, time on market is considerably higher. In fact the average time on market for unsold property across the UK is now at an all-time high of 241 days and suggests that home prices are simply too high.
Time on Market figures vary widely across the regions. New record highs for the average Time on Market have been registered this month in Yorkshire & Humber, the North East, Scotland, Wales and the West Midlands. Marketing times in the UK's southern regions are also rising but not to the same extent. Currently, the typical home spends 5 months on the market. Before the credit crisis this figure was 2 months.
Key figures
| Measure | Figure |
|---|---|
| Average asking price (England & Wales) | £226,458 |
| Monthly change | -0.3% |
| Annual change | +0.6% |
| 6-month change | -0.5% |
| Average time on market | 241 days |
| Median time on market | 154 days |
| HAPI index | 96.7 |
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 January 2012, showing gains and losses since January 2011 and current
| Current average price | 12-month change | Median ToM (days) | |
|---|---|---|---|
| East Anglia | £241,038 | +2.3% | 129 |
| South East | £284,979 | +1.5% | 120 |
| East Midlands | £171,749 | +0.9% | 157 |
| North West | £172,006 | +0.2% | 177 |
| Greater London | £341,781 | +0.1% | 114 |
| West Midlands | £186,256 | -0.5% | 157 |
| Yorkshire and Humber | £166,578 | -0.5% | 185 |
| Scotland | £158,154 | -0.6% | 173 |
| South West | £247,945 | -0.8% | 141 |
| North East | £150,088 | -1.4% | 206 |
| Wales | £172,384 | -2.1% | 198 |
| England & Wales | £226,458 | +0.6% | 154 |
typical time on market.
Read the full January 2012 edition (PDF, 12 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 January 2012 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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