Home Asking Price Index, November 2015: stock of property for sale hits new low
England and Wales asking prices rose 7.3% year-on-year in November 2015 while property stock fell to 45% below its November 2007 level.
This is the November 2015 edition of the Home Asking Price Index, released on 12 November 2015, under the headline:
Stock of Property for Sale Hits New Low
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 total stock of property for sale falls to a new post-crisis low as the drought worsens (currently 45% fewer properties for sale than in Nov 2007).
- The average annual home price appreciation for England and Wales rises further to 7.3%, driven by lack of supply.
- East of England home prices rise as fast as London over the last six months.
- Supply of property entering the market shows annual declines in all regions, with the most severe shortages in London, the South East and East of England.
- Prices slide in the North East and Yorkshire during the last month.
Summary
The national portfolio of property for sale has shrunk to a new record low. Buyers, on average, now have only half the choice they had back in 2007 and, in areas of high demand, the situation is much worse. Moreover, the trend towards lower supply is driving prices ever higher. On average, home prices across England and Wales are now 7.3% higher than they were a year ago, but almost all this growth comes from London and the surrounding regions.
Lack of supply and fierce demand is most keenly felt in Greater London, East of England and the South East. Consequently, prices in these regions continue to rise at an alarming rate, well ahead of the national average. Over the last 12 months, asking prices in London, the East and South East of England have risen by 12.5%, 9.8% and 9.4% respectively. Meanwhile, the number of properties coming on to the market in the same regions is down by 15%, 13% and 10% respectively.
As if in a world apart, home prices in the northern regions and Wales continue to stagnate. Annualised price changes for the North East, North West and Yorkshire of just 0.0%, 1.2% and 1.9% respectively indicate that demand levels remain depressed relative to the South. Welsh property has fared a little better with home prices rising by 2.7% over the last year, but still a long way behind the mix-adjusted average price rise for England and Wales of 7.3%.
Key figures
| Measure | Figure |
|---|---|
| Average asking price (England & Wales) | £285,432 |
| Monthly change (England & Wales) | 0.5% |
| Annual change (England & Wales) | 7.3% |
| Price rise since November 2010 (England & Wales) | 25.8% |
| Stock of property for sale vs Nov 2007 | 45% fewer |
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 2015
Source: Home.co.uk, November 2015
Source: Home.co.uk, November 2015
Source: Home.co.uk, November 2015
Source: Home.co.uk, November 2015. Note: Average = Mean (days), Typical = Median (days)
Regional tables
UK Asking Prices, Nov-15
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £169,491 | 0.3% | 4.7% |
| North East | £153,947 | -0.5% | 0.0% |
| Yorks & The Humber | £176,212 | -0.1% | 1.9% |
| England & Wales | £285,432 | 0.5% | 7.3% |
| North West | £179,233 | 0.3% | 1.2% |
| West Midlands | £211,910 | 0.3% | 4.3% |
| East Midlands | £200,340 | 0.1% | 3.7% |
| East | £307,485 | 1.5% | 9.8% |
| Wales | £184,312 | 0.2% | 2.7% |
| Greater London | £530,587 | 1.1% | 12.5% |
| South East | £378,991 | 0.2% | 9.4% |
| South West | £294,552 | 0.1% | 4.7% |
UK Time on Market, Nov-15
| Region | Average Time on Market | Typical Time on Market | Annual % supply change |
|---|---|---|---|
| Scotland | 235 | 114 | -4% |
| North East | 272 | 139 | -3% |
| Yorks & The Humber | 213 | 117 | -2% |
| England & Wales | 179 | 98 | -9% |
| North West | 215 | 119 | -4% |
| West Midlands | 177 | 99 | -13% |
| East Midlands | 166 | 93 | -6% |
| East | 125 | 70 | -13% |
| Wales | 245 | 134 | -4% |
| Greater London | 111 | 63 | -15% |
| South East | 110 | 63 | -10% |
| South West | 158 | 93 | -10% |
From the director's commentary
"Estate agents are suffering alongside first-time buyers, with the very biggest UK chains publishing profit warnings. The rise of the PRS is changing the way the whole market operates, but itself remains vulnerable to financial shocks."
Doug Shephard, Director at Home.co.uk
Read the full November 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 November 2015 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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