Home Asking Price Index, July 2015: prices push on up as property drought continues
Asking prices in England and Wales rose 0.4% during June, taking annual growth to 5.7%, while typical time on market fell to 177 days.
This is the July 2015 edition of the Home Asking Price Index, released on 14 July 2015, under the headline:
Prices Push On Up as Property Drought Continues
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
- East of England prices rise the most this month, up 0.7% since June.
- Supply of property for sale remains low across the UK; down by 6% (June 2015 vs. June 2014).
Summary
A resurgence of buyer demand continues to drive prices higher, predominantly in London and the South of England, bolstering confidence amongst vendors. Marketing times continue to fall in most parts of the country; consequently, the average time on market for England and Wales is now the lowest we have seen since November 2008.
The UK property market is in good shape overall. Property supply remains behind buyer demand in most regions as evidenced by falling time on market figures. In Greater London, where marketing times showed a worrying increase earlier in the year, a post-election buyer resurgence has taken up the slack. Only in the North East region, where the recovery is still in its infancy, do we see a significant rise in supply (up 6% compared to a year ago) and this has served to make prices dip this month.
Key figures
| Measure | Figure |
|---|---|
| Average asking price (England & Wales) | £279,880 |
| Monthly change | 0.4% |
| Annual change | 5.7% |
| Average time on market (England & Wales) | 177 days |
| South East typical time on market | 59 days |
| Supply of property for sale (UK, year-on-year) | -6% |
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 2015
Source: Home.co.uk, July 2015
Source: Home.co.uk, July 2015
Source: Home.co.uk, July 2015. Note: Average = Mean (days), Typical = Median (days)
Regional tables
Sales Stock Trend, Sales Property Supply
| England and Wales | Trend, United Kingdom |
|---|---|
| 900000 | 300,000 |
| 800000 | 250,000 |
| 700000 | 200,000 |
| 600000 | 150,000 |
| 500000 | 100,000 |
| 400000 | 50,000 |
| 300000 | 0 |
UK Asking Prices, Jul-15
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £167,685 | -0.1% | 3.8% |
| North East | £153,247 | -0.8% | -0.3% |
| Yorks & The Humber | £175,721 | 0.4% | 1.6% |
| England & Wales | £279,880 | 0.4% | 5.7% |
| North West | £179,333 | 0.1% | 0.8% |
| West Midlands | £209,745 | 0.1% | 3.7% |
| East Midlands | £198,202 | 0.2% | 3.8% |
| East | £297,152 | 0.7% | 5.7% |
| Wales | £183,145 | 0.2% | 1.3% |
| Greater London | £517,209 | 0.5% | 11.1% |
| South East | £367,604 | 0.6% | 7.1% |
| South West | £290,177 | 0.6% | 2.9% |
UK Time on Market, Jul-15
| Region | Average Time on Market | Typical Time on Market | Annual % supply change |
|---|---|---|---|
| Scotland | 236 | 101 | -2% |
| North East | 270 | 127 | 6% |
| Yorks & The Humber | 216 | 105 | 0% |
| England & Wales | 177 | 88 | -6% |
| North West | 217 | 111 | -3% |
| West Midlands | 175 | 87 | -5% |
| East Midlands | 165 | 85 | -5% |
| East | 124 | 66 | -11% |
| Wales | 246 | 121 | -5% |
| Greater London | 111 | 63 | -18% |
| South East | 107 | 59 | -3% |
| South West | 152 | 81 | -10% |
From the director's commentary
"With the recent political uncertainty now consigned to history, UK property has a clear path forward. Consequently, buyers are back in force but hampered by a lack of supply in most regions."
Doug Shephard, Director at Home.co.uk
Read the full July 2015 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 2015 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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