Home Asking Price Index, November 2010: realism weighs heavy on home prices
England and Wales asking prices fell 0.3% in October, with time on market and price reductions both rising to multi-month highs.
This is the November 2010 edition of the Home Asking Price Index, released on 12 November 2010, under the headline:
Realism Weighs Heavy on Home 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 dropped back by 0.3% over the last month.
- Monthly asking price falls in all English regions, Scotland and Wales except Greater London and the East Midlands, which both registered no change.
- The number of properties reduced in price has increased further to a new 21-month high of 95,335 for the month of October.
- Typical time on market jumped 9 days to 118 days (median).
- Annual change in asking prices: 0.0%.
- 6-month change in asking prices: -0.2%
Summary
Overall prices of homes on the UK market appear to be levitating. This month's fall serves to counter last month's rise; yet, given the poor economic outlook coupled with seasonal downturn, we might well expect further falls over the coming months. Early indications show that buyer interest is waning in the face of high stock levels on estate agents books. Price-cutting of property on the market continues to increase in frequency (a new 21-month record for October) fuelling the growing 'discount culture' in the UK housing market.
Over the last 6 months asking prices have fallen by 0.2% in England and Wales. In general, average market house prices look fairly stable, although the regional picture shows quite different levels of vigour. London property has performed well with modest gains over the last 6 months whilst Wales and Scotland are suffering falling asking prices.
Key figures
| Measure | Figure |
|---|---|
| Mix-adjusted average asking price (England & Wales) | £229,521 |
| Monthly change in asking prices | -0.3% |
| Annual change in asking prices | 0.0% |
| 6-month change in asking prices | -0.2% |
| Typical (median) time on market | 118 days |
| Average (mean) time on market | 192 days |
| Properties reduced in price (October) | 95,335 |
| HAPI index (England & Wales) | 97.6 |
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 | |
|---|---|---|
| Greater London | £343,509 | +0.8% |
| East Anglia | £241,552 | +0.5% |
| North East | £154,674 | +0.5% |
| South East | £285,757 | +0.3% |
| East Midlands | £171,246 | -0.6% |
| West Midlands | £188,933 | -0.8% |
| South West | £251,907 | -1.1% |
| Yorkshire and Humber | £169,165 | -1.1% |
| Scotland | £159,905 | -1.1% |
| North West | £174,167 | -1.2% |
| Wales | £177,452 | -1.3% |
| England & Wales | £229,521 | -0.2% |
Regional Asking Prices for November 2010, showing gains and losses since May 2010.
Read the full November 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 November 2010 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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