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Home Asking Price Index, July 2019: supply drop stabilises London prices
London asking prices rose for a fifth consecutive month while national annual growth remained negative at -0.4%, as new instructions fell across all regions.
- Annual price growth (England and Wales)
- -0.4%
- Monthly price change (England and Wales)
- 0.3%
- Typical Time on Market (England and Wales)
- 91 days
- Annual price growth in July 2018 (England and Wales)
- 1.3%
In this article
This is the July 2019 edition of the Home Asking Price Index, released on 12 July 2019, under the headline:
Supply Drop Stabilises London Prices
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
- London prices rise for fifth consecutive month.
- Supply of new instructions down in ALL regions, most severely in London (23%), as potential vendors refrain.
- Typical Time on Market for England and Wales is currently 91 days (median), eleven days longer than in July 2018, making it the slowest July since 2013.
- National average price growth remains negative (-0.4% year-on-year).
- Typical Time on Market in the London market indicates the slowest July for ten years, although consistent month-on-month improvements since April indicate momentum is returning.
- Despite the slowdown, seasonal factors again nudge up the average home price in England and Wales (0.3% month-on-month).
- Asking prices rose again in all English regions (except the West Midlands where there was no change), Wales and Scotland over the last month, driven mainly by aspiration and tightening supply but not increasing demand.
- Typical Time on Market rises indicate the worst regional slowdowns are in the East of England (+21%), the West Midlands (+21%) and the South East (+19% year-on-year).
- East of England is the UK's worst-performing region, with the average asking price down by 3.1% over the last year.
- Total stock levels across England and Wales remain broadly stable.
Summary
The overall mix-adjusted average price growth for England and Wales now stands at -0.4%, 1.7% less than in July last year, but the more detailed regional picture reveals a highly diverse set of fortunes caused by the systematic asynchronicity of the regional property cycles.
Overall, annualised price growth across England and Wales remains in the red (-0.4%) despite a further seasonal month-on-month rise of 0.3%.
In July 2018, the annualised rate of increase of home prices was 1.3% for England and Wales; today the same measure is -0.4%.
Key figures
| Measure | Figure |
|---|---|
| Annual price growth (England and Wales) | -0.4% |
| Monthly price change (England and Wales) | 0.3% |
| Typical Time on Market (England and Wales) | 91 days |
| Annual price growth in July 2018 (England and Wales) | 1.3% |
Figures are for England and Wales unless the report states otherwise, as published in the edition.
Charts from the report
Source: Home.co.uk Asking Price Index, July 2019, Indexed to May 2004 (Value =100).
Source: Home.co.uk Asking Price Index, July 2019. ONS RPI (ex. housing)
Source: Home.co.uk Asking Price Index, July 2019
Source: Home.co.uk Asking Price Index, July 2019. Note: Average = Mean (days), Typical = Median (days)
Regional tables
UK Asking Prices, Jul-19
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £188,906 | 0.6% | 2.6% |
| North East | £161,021 | 1.0% | 2.0% |
| Yorks & The Humber | £202,056 | 0.4% | 2.6% |
| England & Wales | £309,282 | 0.3% | -0.4% |
| North West | £207,247 | 0.3% | 2.5% |
| West Midlands | £255,206 | 0.0% | 2.9% |
| East Midlands | £239,154 | 0.5% | 2.5% |
| East | £352,499 | 0.2% | -3.1% |
| Wales | £212,067 | 0.8% | 4.8% |
| Greater London | £517,353 | 0.1% | -2.3% |
| South East | £396,425 | 0.3% | -1.9% |
| South West | £325,050 | 0.4% | -1.1% |
UK Time on Market, Jul-19
| Region | Average Time on Market | Typical Time on Market | Annual % supply change |
|---|---|---|---|
| Scotland | 220 | 95 | -9% |
| North East | 228 | 116 | -7% |
| Yorks & The Humber | 167 | 88 | -8% |
| England & Wales | 173 | 91 | -11% |
| North West | 178 | 96 | -8% |
| West Midlands | 146 | 82 | -2% |
| East Midlands | 146 | 81 | -4% |
| East | 145 | 82 | -7% |
| Wales | 218 | 106 | -9% |
| Greater London | 182 | 95 | -23% |
| South East | 149 | 83 | -10% |
| South West | 160 | 86 | -10% |
From the director's commentary
"Now the boot is on the other foot. Fewer landlords mean fewer rental properties."
Doug Shephard, Director at Home.co.uk
Read the full July 2019 edition (PDF, 7 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 2019 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
