Home Asking Price Index, March 2018: north West prices march on up
England and Wales asking prices rose 0.3% in March 2018, up 2.0% year-on-year, while total stock increased 4.5%.
This is the March 2018 edition of the Home Asking Price Index, released on 13 March 2018, under the headline:
North West Prices March On Up
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
- Strong price growth in the North West, East Midlands, East and Yorkshire.
- London prices slide yet again and South East prices stall.
- Huge supply surges in the East (21%) and South West (22%) of England.
- Home prices ticked up by 0.3% this month, taking the mix-adjusted average for England and Wales up 2.0% year-on-year (YoY).
- Prices have risen in all English regions, Scotland and Wales since last month, with the exception of London and the South East.
- Typical Time on Market for England and Wales has dropped back to 99 days, one day less than in Mar 2017.
Summary
Home prices have taken a spring leap in the North and West amidst optimism and improving market conditions. By way of stark contrast, bubbly London prices are slowly deflating while prices in the South East appear frozen. A true reversal of fortunes, compared to five years ago, for Britain's bipolar property market. Rising supply and longer marketing times will only serve to worsen the already hamstrung markets in Greater London and the South East. The East of England looks set to share the same destiny as supply rises, marketing times lengthen and price growth falls below the level of inflation.
Whilst London and adjacent regions suffer the doldrums, and may well do so for some considerable time, regional markets in the Midlands, North and West are thriving. The East Midlands leads the price growth league table with a gain of 6.1% over the last 12 months. The West Midlands is also powering ahead while the North West and Yorkshire look set to challenge their primacy in the not too distant future. The Welsh property market is also showing increased vigour.
Key figures
| Measure | Figure |
|---|---|
| Monthly change in asking prices | +0.3% |
| Annual change in asking prices (YoY) | +2.0% |
| Typical Time on Market | 99 days |
| Total stock change (YoY) | +4.5% |
| Supply change (UK, YoY) | +10% |
Figures are for England and Wales unless the report states otherwise, as published in the edition.
Charts from the report
Source: Home.co.uk Asking Price Index, March 2018
Source: Home.co.uk Asking Price Index, March 2018
Source: Home.co.uk Asking Price Index, March 2018
Source: Home.co.uk Asking Price Index, March 2018
Source: Home.co.uk Asking Price Index, March 2018. Note: Average = Mean (days), Typical = Median (days)
Regional tables
UK Asking Prices, Mar-18
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £181,555 | 0.1% | 2.3% |
| North East | £157,362 | 0.2% | 2.0% |
| Yorks & The Humber | £190,786 | 0.7% | 4.8% |
| England & Wales | £306,249 | 0.3% | 2.0% |
| North West | £196,789 | 1.0% | 4.2% |
| West Midlands | £238,827 | 0.1% | 5.1% |
| East Midlands | £228,340 | 0.7% | 6.1% |
| East | £359,639 | 0.7% | 2.1% |
| Wales | £194,654 | 0.6% | 5.1% |
| Greater London | £531,995 | -0.1% | -1.8% |
| South East | £401,089 | 0.0% | 1.3% |
| South West | £321,290 | 0.4% | 3.5% |
UK Time on Market, Mar-18
| Region | Average Time on Market | Typical Time on Market | Annual % supply change |
|---|---|---|---|
| Scotland | 255 | 143 | 6% |
| North East | 242 | 136 | 6% |
| Yorks & The Humber | 183 | 108 | 4% |
| England & Wales | 164 | 99 | 10% |
| North West | 179 | 108 | 2% |
| West Midlands | 144 | 80 | 7% |
| East Midlands | 138 | 78 | 13% |
| East | 119 | 67 | 21% |
| Wales | 243 | 143 | -5% |
| Greater London | 150 | 95 | 7% |
| South East | 124 | 73 | 14% |
| South West | 143 | 85 | 22% |
Read the full March 2018 edition (PDF, 7 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 2018 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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