Home Asking Price Index, May 2012: supply drought raises prices
Asking prices in England and Wales rose 0.5% in April as new supply fell 19% year on year, pushing annual growth to 1.5%.
This is the May 2012 edition of the Home Asking Price Index, released on 14 May 2012, under the headline:
Supply Drought Raises 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
- Supply of homes to market was 19% lower last month than in April 2011.
- Asking prices for homes on the market in England and Wales have moved up a further 0.5% since April.
- Average UK asking price rises to highest value since Jan 2009.
- Home prices are up in all English regions, Scotland and Wales since April, with the exception of the North East which registered no change.
- Greater London supply of homes for sale has fallen by 58% since April 2008.
- Annual change in asking prices: +1.5%
- 6-month change: +1.4%
Summary
The slowdown in property supply intensified in April. This further drop in listings, possibly exacerbated by the poor weather, has served to push prices up further. Supply of property for sale was down 19% during April vs. April 2011. The region hardest hit was Wales where supply has slipped a massive 25% year-on-year. Whilst overall low interest rates and forbearance by lenders also continue to support the average UK home price, the more detailed analysis reveals a bi-polar market. Northern regions, Scotland and Wales continue to underperform while the South of England enjoys a relatively prosperous homes market.
Key figures
| Measure | Figure |
|---|---|
| Average asking price (England & Wales) | £231,231 |
| Monthly change in asking prices | +0.5% |
| Annual change in asking prices | +1.5% |
| 6-month change in asking prices | +1.4% |
| Typical Time on Market | 110 days |
| Change in supply of homes (year-on-year) | -19% |
| HAPI index (England & Wales) | 98.8 |
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 May 2012, showing gains and losses since May 11 and current typical
| Current average price | 12-month change | Median ToM (days) | |
|---|---|---|---|
| South East | £294,746 | +3.0% | 82 |
| Greater London | £349,700 | +2.6% | 82 |
| East Anglia | £247,712 | +2.3% | 90 |
| East Midlands | £174,190 | +1.7% | 120 |
| South West | £253,701 | +1.4% | 96 |
| West Midlands | £189,026 | +0.6% | 117 |
| North West | £173,592 | +0.3% | 159 |
| North East | £152,096 | -0.3% | 189 |
| Yorkshire and Humber | £168,123 | -0.5% | 177 |
| Wales | £173,345 | -0.9% | 190 |
| Scotland | £159,774 | -2.3% | 163 |
| England & Wales | £231,231 | +1.5% | 110 |
time on market.
Read the full May 2012 edition (PDF, 12 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 2012 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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