Home Asking Price Index, June 2015: shock monthly rise of £10, 000 for the average London home
Average asking prices in England and Wales rose 1.1% in the last month, lifting annual growth to 5.9%, while Greater London prices jumped 2.0%.
This is the June 2015 edition of the Home Asking Price Index, released on 12 June 2015, under the headline:
Shock Monthly Rise of £10,000 for the Average London Home
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
- Greater London leads the charge this month, with prices surging 2.0% since May.
- Asking prices post rise in ALL English regions and Wales for a fourth successive month.
- Prices rise by 1.1% overall in England and Wales during the last month.
- The average annual home price appreciation for England and Wales nudges up to 5.9%.
- Typical time on market for Greater London leaps 54% in just 12 months as higher prices slow down the market.
- Supply of property for sale remains steady across the UK; down by just 2% (May 2015 vs. May 2014)
- The North East becomes the most improved regional market over the last 12 months, with the average time on market falling by 13% to 274 days, but remains the slowest.
Summary
Home prices push up further, free of political uncertainty. Confidence is so high among sellers in the capital region that the average home price in Greater London increased by more than £10,000 during the last month. In fact, average prices rose in all English regions and Wales for a fourth consecutive month. Momentum is on the rise even in the formerly stagnant North East property market as indicated by a 13% improvement in the average marketing time.
The UK property market is certainly in rude health. The supply of property for sale remains behind buyer demand in all regions except Greater London, where marketing times have increased considerably over the last year. Meanwhile, prices leaped by a stunning 2% over the last month in the capital region. This tends to suggest pricing may be moving out of step with the market dynamic due to over confidence; a common sign that a vigorous market is approaching a 'frothy top'.
Key figures
| Measure | Figure |
|---|---|
| Average asking price (England & Wales) | £278,716 |
| Monthly change (England & Wales) | 1.1% |
| Annual change (England & Wales) | 5.9% |
| Supply change (UK, May 2015 vs May 2014) | -2% |
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 2015
Source: Home.co.uk, June 2015
Source: Home.co.uk, June 2015
Source: Home.co.uk, June 2015
Source: Home.co.uk, June 2015. Note: Average = Mean (days), Typical = Median (days)
Regional tables
UK Asking Prices, Jun-15
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £167,917 | 0.3% | 3.5% |
| North East | £154,478 | 0.3% | 0.2% |
| Yorks & The Humber | £175,046 | 0.4% | 1.4% |
| England & Wales | £278,716 | 1.1% | 5.9% |
| North West | £179,189 | 0.1% | 0.8% |
| West Midlands | £209,515 | 0.6% | 3.8% |
| East Midlands | £197,826 | 0.5% | 4.0% |
| East | £295,146 | 0.6% | 6.0% |
| Wales | £182,745 | 0.4% | 1.4% |
| Greater London | £514,596 | 2.0% | 11.5% |
| South East | £365,311 | 1.8% | 7.2% |
| South West | £288,552 | 0.4% | 2.7% |
UK Time on Market, Jun-15
| Region | Average Time on Market | Typical Time on Market | Annual % supply change |
|---|---|---|---|
| Scotland | 240 | 103 | -1% |
| North East | 274 | 127 | -2% |
| Yorks & The Humber | 219 | 104 | -1% |
| England & Wales | 181 | 89 | -2% |
| North West | 222 | 110 | -5% |
| West Midlands | 179 | 89 | -4% |
| East Midlands | 166 | 83 | -1% |
| East | 127 | 68 | 1% |
| Wales | 251 | 125 | 1% |
| Greater London | 116 | 66 | -5% |
| South East | 109 | 62 | -2% |
| South West | 153 | 81 | -6% |
From the director's commentary
"This month's further leap of 2.0% brings the average annual appreciation in the capital region to 11.5% (around 11.4% more than the Retail Price Index ex. housing) and this seems completely out of step with the market dynamic. Moreover, even higher prices could potentially create a stand-off between buyers and sellers, thereby worsening the market slowdown we have already observed and possibly triggering a significant correction in asking prices."
Doug Shephard, Director at Home.co.uk
Read the full June 2015 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 2015 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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