Home Asking Price Index, July 2020: prices leap as the market surges
Average asking prices in England and Wales rose 1.5% during June, lifting annual growth to 2.0% despite total stock remaining 12% lower than last year.
This is the July 2020 edition of the Home Asking Price Index, released on 14 July 2020, under the headline:
Prices Leap as the Market Surges
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
- The mix-adjusted average asking price for England and Wales jumps 1.5% since the June reading, bringing the year-on-year rise to 2.0%.
- Supply of new sales instructions returns to near-normal levels in England in May post-lockdown (but not in Scotland and Wales).
- Vendors' upward pricing indicates heightened confidence despite lending restrictions in the first-time buyer mortgage market and rising unemployment.
- Yorkshire shows extraordinary confidence with a hike in the average home price of 2.7% since last month.
- The supply rate of new instructions has completely recovered in London (+4% year-on-year), but supply remains 65% down in Scotland due to longer lockdown conditions.
Summary
The annualised mix-adjusted average price growth across England and Wales currently stands at +2.0%; in July 2019, the annualised rate of increase of home prices was -0.4%.
Key figures
| Measure | Figure |
|---|---|
| Monthly change in asking prices | +1.5% |
| Annual change in asking prices | +2.0% |
| Total sales stock, year-on-year change | -12% |
| Price reductions, year-on-year change | -33% |
| Rental supply, year-on-year change | -6.2% |
| New instructions, year-on-year change | -9% |
| Average asking rent, year-on-year change | +2.1% |
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 2020, Indexed to May 2004 (Value =100).
Source: Home.co.uk Asking Price Index, July 2020
Source: Home.co.uk Asking Price Index, July 2020
Source: Home.co.uk Asking Price Index, July 2020
Source: Home.co.uk Asking Price Index, July 2020. Note: Average = Mean (days), Typical = Median (days)
Regional tables
UK Asking Prices, Jul-20
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £192,190 | 1.5% | 1.7% |
| North East | £165,331 | 1.2% | 2.7% |
| Yorks & The Humber | £213,212 | 2.7% | 5.5% |
| England & Wales | £315,385 | 1.5% | 2.0% |
| North West | £217,871 | 1.9% | 5.1% |
| West Midlands | £261,949 | 1.7% | 2.6% |
| East Midlands | £242,475 | 1.1% | 1.4% |
| East | £351,226 | 1.6% | -0.4% |
| Wales | £218,380 | 1.3% | 3.0% |
| Greater London | £526,069 | 1.2% | 1.7% |
| South East | £400,229 | 1.4% | 1.0% |
| South West | £330,164 | 1.1% | 1.6% |
UK Time on Market, Jul-20
| Region | Average Time on Market | Typical Time on Market | Annual % supply change |
|---|---|---|---|
| Scotland | 313 | 197 | -65% |
| North East | 274 | 161 | -14% |
| Yorks & The Humber | 204 | 132 | -8% |
| England & Wales | 214 | 136 | -9% |
| North West | 217 | 140 | -8% |
| West Midlands | 184 | 126 | -1% |
| East Midlands | 184 | 127 | -4% |
| East | 186 | 128 | -2% |
| Wales | 278 | 169 | -42% |
| Greater London | 215 | 131 | 4% |
| South East | 194 | 129 | -2% |
| South West | 204 | 132 | -3% |
From the director's commentary
"History reminds us that, as an asset class, property performs well in both the best economic times and the worst. During economic uncertainty, investors seek the security of bricks and mortar and the lower risk returns that the rental market affords."
Doug Shephard, Director at Home.co.uk
Read the full July 2020 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 2020 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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