Home Asking Price Index, March 2015: home prices take a spring leap
Asking prices rose by 1.1% across England and Wales in the last month, with annual price growth easing to 6.8%.
This is the March 2015 edition of the Home Asking Price Index, released on 12 March 2015, under the headline:
Home Prices Take a Spring Leap
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
- London prices leap a further 2.1% despite rising supply (up 13% YoY).
- Asking prices post monthly rises in ALL English regions, Wales and Scotland.
- Prices rise by 1.1% overall in England and Wales during the last month.
- Supply of property for sale up by 9% (Feb. 2015 vs. Feb. 2014) across the UK.
- Typical time on market is now eight days less than it was in March last year.
Summary
Home prices have risen in all English regions, Scotland and Wales over the last month, reflecting widespread positive sentiment across the UK. However, higher prices are also tempting vendors to commit. Supply of property for sale in London has overtaken demand, as indicated by a steep rise in the typical time on market (currently 71 days; 24 days longer than in March 2014), although supply rises in other regions are much more muted. Price rises are also surging in East Anglia and Scotland. Spring optimism abounds and even in the least well performing areas of the North East and Wales, prices have risen 0.4% and 0.3% respectively since February.
Overall, the current mix-adjusted average asking price for England and Wales shows that properties on the market are valued 6.8% higher than they were in March 2014. The typical time on market for England and Wales is now 119 days, which is eight days less than this time last year, and shows that the market continues to gain momentum overall.
Key figures
| Measure | Figure |
|---|---|
| Average asking price (England & Wales) | £271,089 |
| Monthly change (England & Wales) | 1.1% |
| Annual change (England & Wales) | 6.8% |
| Typical time on market (England & Wales) | 119 days |
| Supply increase (UK, Feb 2015 vs Feb 2014) | 9% |
| Total stock increase (England & Wales, vs March 2014) | +3.7% |
Figures are for England and Wales unless the report states otherwise, as published in the edition.
Charts from the report
Source: Home.co.uk, March 2015
Source: Home.co.uk, March 2015
Source: Home.co.uk, March 2015
Source: Home.co.uk, March 2015
Source: Home.co.uk, March 2015. Note: Average = Mean (days), Typical = Median (days)
Regional tables
UK Asking Prices, Mar-15
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £167,144 | 1.4% | 6.2% |
| North East | £152,800 | 0.4% | -0.4% |
| Yorks & The Humber | £172,479 | 0.5% | 1.6% |
| England & Wales | £271,089 | 1.1% | 6.8% |
| North West | £177,051 | 0.6% | 1.2% |
| West Midlands | £205,201 | 0.5% | 4.1% |
| East Midlands | £194,248 | 0.6% | 4.9% |
| East | £286,394 | 1.4% | 8.0% |
| Wales | £179,851 | 0.3% | 0.8% |
| Greater London | £497,070 | 2.1% | 13.5% |
| South East | £350,695 | 0.9% | 7.5% |
| South West | £281,922 | 0.6% | 4.8% |
UK Time on Market, Mar-15
| Region | Average Time on Market | Typical Time on Market | Annual % supply change |
|---|---|---|---|
| Scotland | 264 | 154 | 13% |
| North East | 312 | 169 | 4% |
| Yorks & The Humber | 244 | 150 | -5% |
| England & Wales | 196 | 119 | 9% |
| North West | 241 | 151 | 1% |
| West Midlands | 193 | 123 | 2% |
| East Midlands | 182 | 114 | 2% |
| East | 137 | 83 | 7% |
| Wales | 278 | 172 | 9% |
| Greater London | 115 | 71 | 31% |
| South East | 119 | 66 | 15% |
| South West | 165 | 110 | 11% |
From the director's commentary
"House prices are surging again, over and above seasonal expectations. The key market drivers of low mortgage interest rates and low supply remain very much in place."
Doug Shephard, Director at Home.co.uk
Read the full March 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 March 2015 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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