Home Asking Price Index, March 2010: spring gives sellers new hope
Asking prices in England and Wales rose 0.5% in March 2010, with marketing times easing to 136 days despite remaining 0.3% below the previous year.
This is the March 2010 edition of the Home Asking Price Index, released on 12 March 2010, under the headline:
Spring Gives Sellers New Hope
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 rose by 0.5% this month.
- Monthly rises were observed in 6 out of 9 English regions, Scotland and Wales.
- Greater London market house prices jumped 1.0% in one month.
- The typical (median) marketing time has eased back from 141 to 136 days over the last month.
- Asking prices in Scotland have risen 2.0% over the last quarter.
Summary
UK market house prices showed a seasonal up-tick over the last month. Time-on-market figures have also fallen showing that the market is moving a little more quickly. However, the average marketing time is still very high (227 days) and nearly double that of March 08 (120 days). Hence, despite a modest spring rise in activity and pricing, the market remains difficult for vendors and buyers alike.
Whilst most regions of the UK have seen seasonal price rises this month, asking prices fell in East Midlands, West Midlands and Yorkshire & Humber.
Overall these March 2010 figures show that the UK property market remains hobbled by the recession and is struggling to recover despite unprecedented low interest rates.
Key figures
| Measure | Figure |
|---|---|
| Monthly change in asking prices | +0.5% |
| Year-on-year change in asking prices | -0.3% |
| Typical Time on Market (median) | 136 days |
| Average Time on Market (mean) | 227 days |
| England & Wales average asking price | £228,304 |
| England & Wales 3 month change | +0.3% |
| HAPI index (England and Wales) | 97.5 |
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 Asking Prices for March 2010, showing gains and losses over Q1 2010
| Current average price | 3 month change | |
|---|---|---|
| Scotland | £160,415 | +2.0% |
| South West | £253,662 | +1.1% |
| Greater London | £342,525 | +0.9% |
| East Anglia | £238,870 | +0.5% |
| East Midlands | £170,915 | +0.4% |
| Wales | £179,147 | 0.0% |
| North West | £176,149 | 0.0% |
| Yorkshire and Humber | £170,347 | 0.0% |
| North East | £153,271 | 0.0% |
| West Midlands | £189,759 | -0.1% |
| South East | £282,901 | -0.2% |
| England & Wales | £228,304 | +0.3% |
Read the full March 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 March 2010 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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