Home Asking Price Index, June 2009: instructions surge as home sales pick up
Asking prices fell 0.1% since May and 5.5% year on year, while typical time on market dropped to 129 days amid a surge in new instructions.
This is the June 2009 edition of the Home Asking Price Index, released on 12 June 2009, under the headline:
Instructions Surge as Home Sales Pick Up
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 homes on the market in England and Wales has fallen albeit by just 0.1% since May.
- Typical Time on Market drops 55 days to 129 days since May.
- Month-on-month average Asking Price decreases observed in 4 of the 9 English regions & in Wales.
- Asking Prices across England and Wales have fallen 5.5% since June 08.
- The average Asking Price reduction in March was £19,623.
Summary
The UK housing market has regained considerable momentum. The typical Time on Market has plummeted 55 days since May to 129 days and asking prices have stabilised for the time being. The typical marketing time may be the lowest it has been for 8 months but it is still twice as long as any seen in 2007, although struggling sellers will be relieved that the market is at last moving again. However, accompanying the encouraging up-tick in sales there is a large surge in new instructions as hesitant sellers try their luck in the improving market conditions. Should it continue, this increased supply of property for sale will undoubtedly restrain asking price increases over coming months.
Asking prices of 54,069 homes on the market were cut in the month of May, slightly higher than the number of reductions recorded for April (52,516). The value of the average price cut in May also rose from April (£19,179) to £19,623.
Key figures
| Measure | Figure |
|---|---|
| Mix-adjusted average asking price | £242,007 |
| Monthly change in asking prices | -0.1% |
| Annual change in asking prices | -5.5% |
| Typical Time on Market | 129 days |
| Average Time on Market | 206 days |
| Price reductions in May | 54,069 |
| Asking price change since March 2008 | +0.5% |
| HAPI index | 99.2 |
Figures are for England and Wales unless the report states otherwise, as published in the edition.
Charts from the report
Laspeyres Index based on Weighted Arithmetic Mean of Weighted Arithmetic Mean of Regional House Prices. [May04 = 100]
Laspeyres Indices based on Weighted Arithmetic Mean of Regional House Prices [May04 = 100]
Laspeyres Index based on Weighted Arithmetic Mean of Regional House Prices [May04 = 100]
Laspeyres Index based on Weighted Arithmetic Mean of Regional House Prices [May04 = 100]
Laspeyres Index based on Weighted Arithmetic Mean of Regional House Prices [May04 = 100]
Source: HM Land Registry
Regional tables
Regional Housing Markets
| Current average price | 3-month change | |
|---|---|---|
| South East | £277,679 | +2.7% |
| South West | £257,050 | +1.7% |
| North West | £179,925 | +0.9% |
| Greater London | £332,247 | +0.7% |
| West Midlands | £193,175 | +0.7% |
| East Midlands | £172,990 | -0.2% |
| Wales | £183,754 | -1.2% |
| East Anglia | £243,272 | -1.5% |
| Yorkshire and Humber | £171,014 | -1.5% |
| North East | £162,157 | -1.6% |
| Scotland | £166,504 | -2.1% |
Regional Asking Prices for June 2009, showing % change for Q2.
Read the full June 2009 edition (PDF, 10 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 June 2009 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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