Home Asking Price Index, July 2013: home prices hit 5-year high
Average asking prices in England and Wales rose 4.0% annually to £241,710, the highest level since July 2008, with London up 9.5%.
This is the July 2013 edition of the Home Asking Price Index, released on 12 July 2013, under the headline:
Home Prices Hit 5-Year 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
- Average asking prices across England and Wales are now at their highest point since July 2008
- A further 0.6% rise in the last month has pushed annual house price inflation to 4.0%, the highest annualised increase since March 2008
- All areas of the UK recorded price rises in the last month, save for Yorkshire and Scotland
- Overall, the number of properties entering the market is only slightly down (-4.4%) on last year
- The volume of new properties entering the Greater London market was 22% lower last month (vs. June 2012), fuelling an increasingly fierce rate of home price inflation (now at 9.5%)
Summary
The mix adjusted average asking price for homes in England and Wales is now £241,710, a rise of 4.0% on July 2012. Following steady monthly growth in 2013, average house prices are now at their highest level since July 2008, providing a further boost in vendor confidence. The regional picture remains very diverse. London prices continue to soar at more than twice the rate of any other region. Price growth is now being recorded across most areas of the UK, although the Northern regions, Wales and Scotland continue to exhibit the poorest performance. The worst performer over the last 12 months is the North West which experienced a price fall of 0.2%.
The volume of new properties entering the market last month was down 4.4% overall on June 2012, although it should be noted that stock trends do vary considerably across the country. At one end of the scale, new stock in the Midlands, Yorkshire and the North East has risen compared to last year and this will serve to suppress price growth. At the other extreme, annual price rises in Greater London are being driven by a 22% fall in new stock compared to last year.
Key figures
| Measure | Figure |
|---|---|
| Average asking price | £241,710 |
| Monthly change | 0.6% |
| Annual change | 4.0% |
| Total sales stock (year-on-year) | -12.4% |
| Price reductions (year-on-year) | -17% |
| New instructions (year-on-year) | -4.4% |
| Gap to 2007 peak price | £4,441 |
Figures are for England and Wales unless the report states otherwise, as published in the edition.
Charts from the report
Source: Home.co.uk, July 2013
Source: Home.co.uk, July 2013
Source: Home.co.uk, July 2013
Regional tables
UK Asking Prices, June-13
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £162,012 | -0.5% | 1.0% |
| North East | £153,328 | 0.3% | 0.7% |
| Yorks & The Humber | £169,421 | -0.2% | 0.4% |
| England & Wales | £241,710 | 0.6% | 4.0% |
| North West | £173,109 | 0.1% | -0.2% |
| West Midlands | £194,123 | 0.3% | 3.0% |
| East Midlands | £179,569 | 0.7% | 2.4% |
| East | £256,292 | 0.3% | 2.6% |
| Wales | £175,977 | 0.6% | 1.2% |
| Greater London | £386,767 | 1.5% | 9.5% |
| South East | £310,031 | 0.5% | 4.5% |
| South West | £263,986 | 0.5% | 3.5% |
From the director's commentary
"Home price rises in and around London seem to be relentless. Affordability issues for equity holders, let alone first-time buyers, are growing and hinder attempts to move."
Doug Shephard, director at Home.co.uk
Read the full July 2013 edition (PDF, 5 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 2013 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
More in What is happening to house prices: the Home guide
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