Home Asking Price Index, July 2012: London leads home prices up
Asking prices in England and Wales rose 2.1% year-on-year in July 2012, led by London, while supply of homes to market fell 7%.
This is the July 2012 edition of the Home Asking Price Index, released on 12 July 2012, under the headline:
London Leads Home Prices 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
- Supply of homes to market has fallen and was 7% lower last month than in June 2011.
- Asking prices for homes on the market in England and Wales continue their steady rise, up a further 0.2% since last month.
- Average UK asking price rises to highest value since Nov 2008, but some regions continue a downward trend.
- Supply to market of properties for sale down 7% year-on-year.
- Annual change in asking prices: +2.1%
- 6-month change: +2.7%
Summary
The UK property market continues to be dominated by a North-South divide. The southern regions, led by London, are performing well enough to push up the national average figures. Despite the poor performance in the northern regions, the year-on-year change in the national mix-adjusted average figure has been positive for 8 months and this looks likely to continue. London property is benefiting from both 'safe-haven' status and being the focus of government economic stimulus, making it attractive to foreign and domestic buyers. Moreover, a robust buy-to-let sector is, to a large extent, taking the place of priced-out first-time buyers and this is keeping the market moving despite the difficult economic conditions.
Key figures
| Measure | Figure |
|---|---|
| England & Wales average asking price | £232,485 |
| Annual change in asking prices | +2.1% |
| 6-month change in asking prices | +2.7% |
| Monthly change in asking prices | +0.2% |
| Supply of homes to market (year-on-year) | -7% |
| Mean time on market | 209 days |
| Median (typical) time on market | 110 days |
| HAPI index (England & Wales) | 99.3 |
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 July 2012, showing gains and losses since July 2011 and current typical
| Current average price | 12-month change | Median ToM (days) | |
|---|---|---|---|
| Greater London | £353,265 | +4.1% | 81 |
| South East | £295,650 | +3.8% | 85 |
| East Anglia | £249,891 | +3.2% | 92 |
| South West | £255,096 | +1.7% | 96 |
| East Midlands | £175,424 | +1.2% | 114 |
| West Midlands | £188,423 | 0.0% | 116 |
| Yorkshire and Humber | £168,676 | 0.0% | 143 |
| North West | £173,460 | -0.2% | 134 |
| North East | £152,332 | -0.5% | 156 |
| Wales | £173,880 | -0.6% | 152 |
| Scotland | £160,480 | -2.2% | 120 |
| England & Wales | £232,485 | +2.1% | 110 |
time on market.
Read the full July 2012 edition (PDF, 13 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 2012 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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