Home Asking Price Index, July 2014: supply surges in London and prices still on the rise
Asking prices in England and Wales rose 0.6% in June while supply of homes for sale in Greater London jumped 32% year on year.
This is the July 2014 edition of the Home Asking Price Index, released on 15 July 2014, under the headline:
Supply Surges in London and Prices Still on the Rise
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 property for sale in Greater London up by 32% vs. June last year.
- Average time on market across England and Wales falls further to 190 days.
- Asking prices rise for a sixth consecutive month (by 0.6%), keeping the average annual appreciation for England and Wales unchanged from last month at 9.6%.
- Home prices rose in all English regions (except the North East) and Wales last month.
- Supply still falling fast in East Anglia, the South East, the South West, East Midlands and Yorkshire.
Summary
The property market across mainland UK remains highly diverse. East Anglia, the South East and Greater London continue to post strong price rises, whilst asking prices in Scotland and the North East stagnate. However, more properties are being sold in the North and in Scotland, as evidenced by falling time on market averages in these areas; this is also the case for all other regions of England and Wales. Most noteworthy this month is a startling surge in supply in property for sale in Greater London (up 32% year-on-year, vide infra). However, supply is still falling considerably in East Anglia, the South East, the South West, East Midlands and Yorkshire, placing further upward pressure on prices in these regions over the coming months.
Key figures
| Measure | Figure |
|---|---|
| Average asking price (England & Wales) | £264,800 |
| Monthly change (England & Wales) | +0.57% |
| Annual change (England & Wales) | +9.56% |
| Average time on market (England & Wales) | 190 days |
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 2014
Source: Home.co.uk, July 2014
Source: Home.co.uk, July 2014
Source: Home.co.uk, July 2014
Source: Home.co.uk, July 2014. Note: Average = Mean days on market of unsold property, Typical = Median
Regional tables
UK Asking Prices, Jul-14
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £161,620 | -0.42% | -0.25% |
| North East | £153,721 | -0.33% | 0.26% |
| Yorks & The Humber | £173,016 | 0.24% | 2.12% |
| England & Wales | £264,800 | 0.57% | 9.56% |
| North West | £177,860 | 0.03% | 2.75% |
| West Midlands | £202,281 | 0.16% | 4.20% |
| East Midlands | £190,977 | 0.41% | 6.35% |
| East | £281,090 | 0.98% | 9.67% |
| Wales | £180,801 | 0.32% | 2.74% |
| Greater London | £465,333 | 0.85% | 20.31% |
| South East | £343,394 | 0.77% | 10.76% |
| South West | £282,093 | 0.41% | 6.86% |
UK Time on Market, Jul-14
| Region | Average Time on Market | Typical Time on Market | Annual % supply change |
|---|---|---|---|
| Scotland | 245 | 105 | 0% |
| North East | 311 | 140 | -3% |
| Yorks & The Humber | 237 | 112 | -6% |
| England & Wales | 190 | 90 | -1% |
| North West | 237 | 117 | 3% |
| West Midlands | 189 | 92 | -4% |
| East Midlands | 179 | 89 | -8% |
| East | 134 | 68 | -14% |
| Wales | 271 | 128 | 6% |
| Greater London | 90 | 47 | 32% |
| South East | 59 | -9% | |
| South West | 82 | -6% |
The report also prints 'Average Asking Price' in 2 of its 12 region boxes (South East 116; South West 157), so it is not a column of this table.
From the director's commentary
"Unfortunately, central banks have a very poor track record of managing economic booms and hence avoiding the devastating effects of collapsing asset bubbles. After all, who wants to water down the punch when the party seems to be going so well?"
Doug Shephard, Director at Home.co.uk
Read the full July 2014 edition (PDF, 6 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 2014 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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