Home Asking Price Index, June 2014: high prices tempt more Londoners to sell
Average asking prices in England and Wales rose 9.6% annually, while London saw increased new instructions and its typical time on market fall to 43 days.
This is the June 2014 edition of the Home Asking Price Index, released on 12 June 2014, under the headline:
High Prices Tempt More Londoners to Sell
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
- Asking price rises accelerate further, bringing the average annual appreciation for England and Wales to 9.6%
- Typical time on market across England and Wales drops
- Sky-high prices in London tempt more vendors into the market
- Home prices in Greater London rose a further 1.6% over the last month
Summary
Ever-increasing positive sentiment about property investment is driving the market across all of mainland UK. Time on market figures are now falling dramatically in formerly lacklustre areas such as the North East and Wales. Demand is increasing in all regions, and above inflation price rises in the North and Wales are to be expected over the next 12 months as demand begins to outpace supply. By contrast, London is much further along the economic cycle.
After four years of falling supply, sky-high pricing is now tempting more vendors into the capital's marketplace, as evidenced by a recent uptick in supply (up 8% year-on-year). However, supply is not going to match demand in the Greater London region anytime soon. Prices in and around the capital are still rising rapidly (21.1% over the last 12 months) and the typical time on market is now a mere 43 days, suggesting that demand is still increasing ahead of supply.
Key figures
| Measure | Figure |
|---|---|
| Average asking price (England & Wales) | £263,318 |
| Monthly change (England & Wales) | 1.03% |
| Annual change (England & Wales) | 9.60% |
| Typical time on market (England & Wales) | 88 days |
| For Sale stock change | -15% |
| New market entrants (supply) change | -4% |
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 2014
Source: Home.co.uk, June 2014
Source: Home.co.uk, June 2014
Source: Home.co.uk, June 2014
Sources: Home.co.uk, June 2014
Regional tables
UK Asking Prices, Jun-14
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £162,293 | 0.07% | -0.33% |
| North East | £154,225 | -0.15% | 0.88% |
| Yorks & The Humber | £172,606 | 0.82% | 1.70% |
| England & Wales | £263,318 | 1.03% | 9.60% |
| North West | £177,805 | 0.27% | 2.78% |
| West Midlands | £201,951 | 0.25% | 4.36% |
| East Midlands | £190,201 | 1.64% | 6.68% |
| East | £278,342 | 2.02% | 8.92% |
| Wales | £180,231 | 0.44% | 3.00% |
| Greater London | £461,410 | 1.62% | 21.14% |
| South East | £340,736 | 0.56% | 10.47% |
| South West | £280,935 | 1.17% | 6.93% |
From the director's commentary
"It appears to be 'full steam ahead' for the UK property market. Even the formerly stagnating markets in the North and Wales are now on the move."
Doug Shephard, Director at Home.co.uk
Read the full June 2014 edition (PDF, 6 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 2014 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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