Home Asking Price Index, May 2010: seller surge stifles prices
Asking prices in England and Wales fell 0.2% in April, with the annual change turning negative at 0.5% as marketing times dropped to 95 days.
This is the May 2010 edition of the Home Asking Price Index, released on 12 May 2010, under the headline:
Seller Surge Stifles Prices
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 slip by 0.2% this month.
- Monthly falls observed in 3 out of 9 English regions and Scotland.
- Greater London market house prices drop back sharply by 2.0%.
- The typical (median) marketing time eases down from 123 to 95 days since March, as a flood of new properties enter the market.
- Annual change in asking prices falls back into negative territory at -0.5%.
Summary
Increased optimism among UK home sellers has initiated a surge in property for sale entering the market, creating downward pressure on asking prices. Time-on-market figures have fallen significantly reflecting an increase in stock for sale of around 9% in just one month. Greater London asking prices have led the retreat this month following a strong rally. Asking price changes in the rest of England and Wales are relatively muted, although rising stock levels will bring downward pressure on prices in the regions over the coming months.
Overall, this May 2010 asking price report shows that the UK property market has little appetite for further near-term house price rises in view of rising stock levels, set against a background of considerable economic and political uncertainty.
Key figures
| Measure | Figure |
|---|---|
| Monthly change in asking prices | -0.2% |
| Annual change in asking prices | -0.5% |
| Typical Time on Market (median) | 95 days |
| Average Time on Market (mean) | 203 days |
| England & Wales average asking price | £228,943 |
| Increase in stock for sale | 9% |
| HAPI index level | 97.8 |
| Greater London monthly change | -2.0% |
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 Housing Markets
| Current average price | 6 month change | |
|---|---|---|
| South West | £254,709 | +1.6% |
| Scotland | £161,612 | +1.4% |
| East Anglia | £240,449 | +1.2% |
| East Midlands | £172,297 | +0.7% |
| North West | £176,222 | +0.5% |
| Wales | £179,738 | +0.4% |
| West Midlands | £190,408 | +0.1% |
| South East | £284,844 | 0.0% |
| Yorkshire and Humber | £171,062 | -0.4% |
| Greater London | £340,851 | -0.6% |
| North East | £153,811 | -1.1% |
| England & Wales | £228,943 | +0.2% |
Regional Asking Prices for May 2010, showing gains and losses since November 2009.
Read the full May 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 May 2010 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
More in What is happening to house prices: the Home guide
Thinking about your next move?
See what your home's worth in seconds, with the UK's longest-running property data behind it.
Get an instant valuation