Home Asking Price Index, November 2014: London prices surge again as rest of UK cools
London asking prices rose 1.3% in a month, lifting the England and Wales average by 0.2% while most other regions saw seasonal falls.
This is the November 2014 edition of the Home Asking Price Index, released on 12 November 2014, under the headline:
London Prices Surge Again as Rest of UK Cools
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
- London prices surge higher despite rising supply of homes for sale.
- The surge in London has pushed up the England and Wales average price for a tenth consecutive month (by 0.2%).
- The average annual appreciation for England and Wales is 8.2%.
- Outside of London, home prices fell in all English regions (except the East Midlands and South East), Scotland and Wales over the last month.
- Supply of property for sale in Greater London up by 54% vs. October last year.
- Prices continue to stagnate in the North.
Summary
London surprises again with an unseasonal price surge of 1.3% in just one month despite a huge increase in supply of property for sale. Coupled with last month's rise of 1.1%, this puts London prices back on a rising trend following the summer dip caused by a correction in mainly prime properties. Homebuyers in the capital now enjoy over 50% more choice than they did at this time last year, but the typical London property is now 15%* more expensive.
Take London out of the equation, and the UK property market is cooling in line with seasonal expectations. Prices are edging back in most regions after what was a solid year, especially in the South. Fierce competition in the fixed rate mortgage market and relatively low supply of property for sale will ensure demand stays strong into 2015.
Key figures
| Measure | Figure |
|---|---|
| Average asking price (England & Wales) | £267,466 |
| Monthly change (England & Wales) | 0.2% |
| Annual change (England & Wales) | 8.2% |
| Peak annual change (June 2014) | 9.6% |
| Supply increase in Greater London (YoY) | +54% |
| Total UK property portfolio value for sale | £136 billion |
Figures are for England and Wales unless the report states otherwise, as published in the edition.
Charts from the report
Source: Home.co.uk, November 2014
Source: Home.co.uk, November 2014
Source: Home.co.uk, November 2014
Source: Home.co.uk, November 2014
Source: Home.co.uk, November 2014
Source: Home.co.uk, November 2014. Note: Average = Mean (days), Typical = Median (days)
Regional tables
UK Asking Prices, Nov-14
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £162,321 | -0.5% | 2.0% |
| North East | £153,137 | -0.5% | 0.6% |
| Yorks & The Humber | £172,798 | -0.7% | 2.4% |
| England & Wales | £267,466 | 0.2% | 8.2% |
| North West | £177,600 | -0.1% | 2.5% |
| West Midlands | £203,689 | -0.1% | 3.9% |
| East Midlands | £193,391 | 0.0% | 6.0% |
| East | £284,120 | -0.3% | 8.9% |
| Wales | £179,916 | -0.6% | 1.4% |
| Greater London | £477,011 | 1.2% | 17.1% |
| South East | £347,397 | 0.0% | 9.1% |
| South West | £281,545 | -0.3% | 4.9% |
UK Time on Market, Nov-14
| Region | Average Time on Market | Typical Time on Market | Annual % supply change |
|---|---|---|---|
| Scotland | 243 | 127 | 18% |
| North East | 304 | 152 | -1% |
| Yorks & The Humber | 232 | 126 | 3% |
| England & Wales | 188 | 104 | 14% |
| North West | 232 | 127 | 4% |
| West Midlands | 188 | 105 | 10% |
| East Midlands | 175 | 99 | 4% |
| East | 134 | 80 | 8% |
| Wales | 266 | 141 | 11% |
| Greater London | 102 | 64 | 54% |
| South East | 118 | 71 | 13% |
| South West | 159 | 97 | 9% |
From the director's commentary
"It's been a strong year for UK property and a poor one for gold. UK property has turned out to be a real 'safe haven' asset for many investors."
Doug Shephard, Director at Home.co.uk
Read the full November 2014 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 November 2014 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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