Home Asking Price Index, June 2010: nervous sellers curb price rises
Asking prices in England and Wales rose 0.3% in the month but fell 0.1% annually, as price reductions hit a record high since January 2009.
This is the June 2010 edition of the Home Asking Price Index, released on 14 June 2010, under the headline:
Nervous Sellers Curb Price Rises
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 increased by 0.3% this month.
- Monthly falls observed in 6 out of 9 English regions and Wales.
- Greater London market house prices bounce back up by 1.0%.
- The number of properties reduced in price in May was the highest on record since January 2009.
- Annual change in asking prices: -0.1%.
Summary
Increased supply of property for sale is evident across the UK, spurred on by both proposed changes to Capital Gains Tax affecting second homes and, to some degree, the suspension of Home Information Packs. Stock levels have risen in London by 21% over the last three months whilst asking prices have stagnated. The number of UK properties reduced in price in May was the highest on record since January 2009, indicating both frustration and nervousness amongst sellers.
Buyers on the other hand are still in short supply, perpetuated by a gloomy economic outlook, hence the significant downward price pressure for UK property. Mortgage deposits remain a barrier to entry for many potential first-time buyers and next-time buyers: currently at an average of 24% of the purchase price, according to the CML.
Key figures
| Measure | Figure |
|---|---|
| Average asking price (England & Wales) | £229,606 |
| Monthly change in asking prices | +0.3% |
| Annual change in asking prices | -0.1% |
| Typical Time on Market (median) | 94 days |
| Average Time on Market (mean) | 197 days |
| Average mortgage deposit | 24% |
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 | |
|---|---|---|
| Scotland | £163,650 | +2.0% |
| East Anglia | £242,541 | +1.5% |
| South East | £286,791 | +1.4% |
| West Midlands | £191,146 | +0.7% |
| East Midlands | £171,960 | +0.6% |
| Yorkshire and Humber | £171,020 | +0.4% |
| Greater London | £344,021 | +0.4% |
| North East | £153,629 | +0.2% |
| South West | £253,925 | +0.1% |
| Wales | £178,263 | -0.5% |
| North West | £175,040 | -0.6% |
| England & Wales | £229,606 | +0.6% |
Regional Asking Prices for June 2010, showing gains and losses since March 2010.
Read the full June 2010 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 2010 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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