Home Asking Price Index, May 2015: property prices push higher despite political palpitations
Average asking prices in England and Wales rose 0.8% in the month, with annual growth easing to a more sustainable 5.8%.
This is the May 2015 edition of the Home Asking Price Index, released on 13 May 2015, under the headline:
Property Prices Push Higher Despite Political Palpitations
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 South East of England leads price growth this month, leaping 1.3% since April.
- Typical time on market in London falls behind the South East and is now matched by the East of England.
- Asking prices post monthly rises in ALL English regions, Wales and Scotland.
- Prices rise by 0.8% overall in England and Wales during the last month.
- The average annual home price appreciation for England and Wales moves down to a more sustainable rate of increase of 5.8%.
- Supply of property for sale up by 8% (Apr. 2015 vs. Apr. 2014) across the UK.
- East of England becomes the most improved market over the last 12 months, with the average time on market falling by 15% to 125 days.
Summary
Home prices pushed on up despite political uncertainty over the last month, reflecting increasing and widespread confidence in the property market. In fact, average prices rose in all English regions, Scotland and Wales. Confidence is on the up even in the formerly lacklustre northern regions (the North East and North West), which have both jumped by a healthy 0.6% since April.
The new Tory government looks set to continue Help to Buy and mortgage guarantee schemes, and this will ensure further vigour in the vital first-time buyer market. Moreover, the Right to Buy scheme and more home building will help ease supply problems over the next five years.
Political uncertainty regarding the mansion tax and non-dom legislation proposed by Labour has evaporated and this will do much to reinvigorate the top end of the market, especially in Prime Central London.
Key figures
| Measure | Figure |
|---|---|
| Average asking price (England & Wales) | £275,677 |
| Monthly change in asking prices | 0.8% |
| Annual change in asking prices | 5.8% |
| Supply of property for sale (UK, Apr 2015 vs Apr 2014) | 8% |
| Supply vs pre-crisis levels (7 years ago) | -45% |
| East of England typical time on market | 125 days |
Figures are for England and Wales unless the report states otherwise, as published in the edition.
Charts from the report
Source: Home.co.uk, May 2015
Source: Home.co.uk, May 2015
Source: Home.co.uk, May 2015
Source: Home.co.uk, May 2015
Source: Home.co.uk, May 2015. Note: Average = Mean (days), Typical = Median (days)
Regional tables
UK Asking Prices, May-15
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £167,425 | 0.2% | 3.2% |
| North East | £154,076 | 0.6% | -0.2% |
| Yorks & The Humber | £174,305 | 0.2% | 1.8% |
| England & Wales | £275,677 | 0.8% | 5.8% |
| North West | £178,927 | 0.6% | 0.9% |
| West Midlands | £208,352 | 0.5% | 3.4% |
| East Midlands | £196,761 | 0.7% | 5.1% |
| East | £293,311 | 0.8% | 7.5% |
| Wales | £182,051 | 0.5% | 1.5% |
| Greater London | £504,483 | 0.7% | 11.1% |
| South East | £358,807 | 1.2% | 5.9% |
| South West | £287,314 | 0.9% | 3.5% |
UK Time on Market, May-15
| Region | Average Time on Market | Typical Time on Market | Annual % supply change |
|---|---|---|---|
| Scotland | 244 | 108 | 10% |
| North East | 277 | 149 | 9% |
| Yorks & The Humber | 224 | 106 | 1% |
| England & Wales | 182 | 87 | 8% |
| North West | 223 | 109 | 7% |
| West Midlands | 180 | 87 | 4% |
| East Midlands | 167 | 81 | 5% |
| East | 125 | 62 | 9% |
| Wales | 255 | 149 | 6% |
| Greater London | 113 | 62 | 16% |
| South East | 110 | 58 | 13% |
| South West | 153 | 77 | 6% |
From the director's commentary
"Confidence is growing in the northern regions and the London market has managed to exit a period of frenzied growth without a major catastrophe. Now we have the election out of the way, much uncertainty in the market has evaporated."
Doug Shephard, Director at Home.co.uk
Read the full May 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 May 2015 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
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