Home Asking Price Index, June 2017: regions prosper while London home prices slide
England and Wales asking prices rose 0.4% in June 2017, driven by regional growth, while London prices continued sliding year-on-year.
This is the June 2017 edition of the Home Asking Price Index, released on 13 June 2017, under the headline:
Regions Prosper while London Home Prices Slide
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
- Home prices remain up overall by 0.4% month-on-month and 2.8% year-on-year.
- Greater London prices slip by 0.1% this month making a year-on-year fall of 1.2%.
- Much improved marketing times in the East Midlands and North West: median time on market down 11% and 9% respectively.
- The slowdown continues in Greater London and the South East compared to June last year (Typical Time on Market up 15% and 11% respectively).
- The West Midlands, East Midlands and the North East top the monthly price rises, each with a surge of 0.8%.
- Typical Time on Market rises by one day to 78 days, two days less than in June 2016 (England and Wales).
- The number of properties entering the UK market in May was slightly down on the count for April, although supply is up overall by 5% YoY.
- Supply has increased further in the East, London and the South East by 21%, 18% and 15% respectively compared to May 2016.
- Rents soar in Wales and Yorkshire due to falling stock levels.
Summary
Asking prices rose by 0.4% across England and Wales over the last month, despite election uncertainty. Growth in the mix-adjusted average is being driven by price rises in the regions. As London prices slide, it is the North and South West and the Midlands that are thriving and supporting the national average figure. Significant price growth, over and above the rate of monetary inflation, is evident in only four English regions and not in Scotland or Wales.
The trend towards improved market conditions in the North continues, with considerable improvement in property marketing times. There, increased demand coupled with limited supply has pushed up prices significantly since last month. The North West is leading the charge with annualised growth of 3.7%, followed by Yorkshire (2.9%). The North East has yet to indicate significant year-on-year growth but marketing times are back down to 2008 levels and recovery looks set to follow.
Key figures
| Measure | Figure |
|---|---|
| Average asking price (England & Wales) | £305,885 |
| Monthly change in asking prices | 0.4% |
| Annual change in asking prices | 2.8% |
| Typical Time on Market | 78 days |
| Annual change in supply | 5% |
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 2017
Source: Home.co.uk, June 2017
Source: Home.co.uk, June 2017
Source: Home.co.uk, June 2017
Source: Home.co.uk, June 2017. Note: Average = Mean (days), Typical = Median (days)
Regional tables
UK Asking Prices, Jun-17
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £182,337 | 0.6% | 1.8% |
| North East | £156,669 | 0.8% | 0.7% |
| Yorks & The Humber | £186,683 | 0.7% | 2.9% |
| England & Wales | £305,885 | 0.4% | 2.8% |
| North West | £191,962 | 0.5% | 3.7% |
| West Midlands | £233,707 | 0.8% | 4.6% |
| East Midlands | £221,073 | 0.8% | 6.1% |
| East | £359,533 | 0.4% | 6.9% |
| Wales | £189,002 | 0.3% | 2.2% |
| Greater London | £543,778 | -0.1% | -1.2% |
| South East | £405,106 | 0.3% | 2.9% |
| South West | £320,235 | 0.7% | 4.7% |
UK Time on Market, Jun-17
| Region | Average Time on Market | Typical Time on Market | Annual % supply change |
|---|---|---|---|
| Scotland | 226 | 87 | -2% |
| North East | 233 | 109 | 2% |
| Yorks & The Humber | 178 | 85 | -4% |
| England & Wales | 155 | 78 | 5% |
| North West | 179 | 88 | -3% |
| West Midlands | 141 | 70 | -1% |
| East Midlands | 131 | 66 | 0% |
| East | 104 | 58 | 21% |
| Wales | 233 | 116 | -12% |
| Greater London | 127 | 71 | 18% |
| South East | 107 | 60 | 15% |
| South West | 140 | 71 | -2% |
From the director's commentary
"Prices in the capital are now sliding year-on-year and falling about 5% in real terms. Together, these three regions constitute about 35% of the UK housing stock and much more than that by value."
Doug Shephard, Director at Home.co.uk
Read the full June 2017 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 2017 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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