Home Asking Price Index, July 2007: still rising regardless of rising interest rates
Asking prices in England and Wales rose 0.8% in July 2007, up 5.7% year-on-year, while Scotland surged 21.2% and London growth slowed to 0.5%.
This is the July 2007 edition of the Home Asking Price Index, released on 12 July 2007, under the headline:
Still Rising Regardless of Rising Interest Rates
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 are up 0.8% this month and are up 5.7% from a year ago.
- Scottish Asking Prices have soared by 21.2% year-on-year (YoY).
- Greater London Asking Prices have increased 12.8% YoY, but this month's rise of only 0.5% may now be signalling a slowdown in price growth.
- Asking Prices in the South East surged by 2.3% this month and 8.6% YoY.
- Asking Prices in the North suffered a fall of 2.0% this month but rose 1.8% YoY.
Summary
Asking Prices in England and Wales are rising at an annual rate of 5.7%, ca. 3.3% above the CPI, ca. 1.4% above the RPI and ca. 1.7% above the AEI excluding bonuses. Set against a backdrop of rising borrowing costs, asking prices remain surprisingly buoyant across most regions. Favourable seasonal factors and market momentum have, so far, helped to preserve a continued high level of confidence amongst sellers of homes across most of the UK.
Rises in the majority of England's regions and Wales have helped push the HAPI for England and Wales up to a new high of 104.6 [May04 = 100]. However, over the last 24 months prices of homes on the market in England and Wales have risen a mere 3.9% overall.
Key figures
| Measure | Figure |
|---|---|
| Monthly change in asking prices | +0.8% |
| Annual change in asking prices | +5.7% |
| HAPI index value | 104.6 |
| 24-month change in asking prices | +3.9% |
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 [May04 = 100]
Laspeyres Indices based on Weighted Arithmetic Mean of Regional House Prices [May04 = 100]
Laspeyres Indices based on Weighted Arithmetic Mean of Regional House Prices [May04 = 100]
Source: HM Land Registry
Regional tables
Regional Housing Markets
| Current average price | 12 month change | |
|---|---|---|
| Scotland | £173,104 | +21.2% |
| Greater London | £345,934 | +12.8% |
| South East | £292,721 | +8.6% |
| South West | £268,851 | +5.2% |
| Wales | £197,219 | +5.2% |
| West Midlands | £206,239 | +5.1% |
| Yorkshire and Humber | £175,733 | +4.8% |
| North West | £190,419 | +2.6% |
| East Anglia | £259,325 | +2.4% |
| North | £167,908 | +1.8% |
| East Midlands | £191,090 | -0.3% |
Regional average asking prices for July 07 showing gains and losses since July 06.
Read the full July 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 July 2007 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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