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Home Asking Price Index, June 2013: buyers compete as supply shrinks further
Average asking prices in England and Wales rose 0.6% in June 2013, lifting annual growth to 3.6% while supply continued shrinking.
In this article
This is the June 2013 edition of the Home Asking Price Index, released on 12 June 2013, under the headline:
Buyers Compete as Supply Shrinks Further
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
- Average asking prices across the UK rose another 0.6% in the last month, pushing the year-on-year increase to 3.6% (the highest annualised rise since March 2008)
- The mix adjusted average asking price for England and Wales has now recorded annual growth for 19 consecutive months
- Market supply of property for sale continues to diminish, with the volume of new properties last month down 8% vs. May 2012 and down 12% vs. May 2011
- Total on-market stock has contracted by 14% over the last 12 months
- Greater London, the South East and the South West record the highest annual price rises of 7.9%, 4.4% and 3.9% respectively
Summary
Overall, the UK housing market continues to show signs of increasing buyer demand in the face of limited supply. Whilst significant regional differences exist, the average asking price for England and Wales has risen another 0.6% (or by £1,516) on last month and is currently 3.6% up on June 2012. On the surface, an annual price rise of 3.6% appears to be a reasonably strong performance, although it is important to note that virtually all of this growth has been achieved in 2013 and predominantly in London and the South.
Looking at price trends around the country, the recovery is only clearly apparent in the South. Average prices across the northern regions of England are essentially static (slightly negative in the case of the North West) in stark contrast with the South which has recorded monthly increases of 0.8%. In terms of annual prices, Greater London, the South East and the South West recorded the highest rises of 7.9%, 4.4% and 3.9% respectively.
Key figures
| Measure | Figure |
|---|---|
| Average asking price (England & Wales) | £240,238 |
| Monthly change | +0.6% |
| Annual change | +3.6% |
| Typical Time on Market | 104 days |
| Total on-market stock change | -14% |
| New instructions vs May 2012 | -8% |
| Home Market Turnover Indicator | 2,761 properties per day |
| Average price rise per month | £687 |
Figures are for England and Wales unless the report states otherwise, as published in the edition.
Charts from the report
Source: Home.co.uk, June 2013
Source: Home.co.uk, June 2013
Source: Home.co.uk, June 2013
Regional tables
UK Asking Prices, June-13
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £162,828 | 0.4% | 1.6% |
| North East | £152,887 | -0.1% | 0.2% |
| Yorks & The Humber | £169,712 | 0.0% | 0.9% |
| England & Wales | £240,238 | 0.6% | 3.6% |
| North West | £172,993 | 0.1% | -0.6% |
| West Midlands | £193,503 | 0.8% | 2.3% |
| East Midlands | £178,281 | 0.2% | 2.4% |
| East | £255,564 | 0.7% | 2.4% |
| Wales | £174,978 | -0.2% | 1.0% |
| Greater London | £380,904 | 1.3% | 7.8% |
| South East | £308,444 | 0.7% | 4.4% |
| South West | £262,727 | 0.7% | 3.9% |
From the director's commentary
"Rising property values are less significant if sales activity is stagnant or falling. Hence, it is vital not to overlook the pulse of the sales market."
Doug Shephard, Director at Home.co.uk
Read the full June 2013 edition (PDF, 5 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 2013 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
