Home Asking Price Index, November 2018: rising supply pushes market to the brink
Asking prices in England and Wales fell by 0.3% in November as rising supply of 14% year-on-year outpaced demand across the South and East.
This is the November 2018 edition of the Home Asking Price Index, released on 13 November 2018, under the headline:
Rising Supply Pushes Market to the Brink
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
- Home prices in England and Wales fell by 0.3% this month, dragged down by hamstrung regions in the South and East of England where supply has overwhelmed demand.
- Supply increases across the UK indicate a worsening market for vendors: up by 14% year-on-year (YoY) and the highest October total since 2011.
- The largest surges in supply were observed in the South West (+24%) and the West Midlands (+21%) YoY.
- The number of properties that had their asking prices reduced last month (80,291 in mainland UK) was slightly lower than the total for September (83,780) but remains very high.
- The largest monthly fall was in the East of England (-0.6%), as the slump in this regional property market tightens its grip.
- The mix-adjusted average price growth for England and Wales remains a mere 0.6% year-on-year, and looks set to fall further.
- Meanwhile, rents are rising by 2.3% nationally and by a massive 5.8% in Greater London.
- Northern and western property markets continue to enjoy late-cycle booms: prices were up by 7.6% in Wales, 4.6% in the West Midlands and 4.5% in Yorkshire (YoY).
- Typical Time on Market continues to rise in London (+12%), the South East (+14%) and the East of England (+16%) year-on-year, leading to further vendor frustration and price cutting.
- Typical Time on Market for England and Wales has risen to 94 days, five days longer than in November 2017.
Summary
increased by 11.0% year-on-year. In November 2017, the annualised rate of increase of home prices was 3.0%; today the same measure is just 0.6% and is trending towards the negative.
Key figures
| Measure | Figure |
|---|---|
| Monthly change (England and Wales) | -0.3% |
| Annual change (England and Wales) | +0.6% |
| Supply increase (UK, YoY) | +14% |
| Price reductions (mainland UK, last month) | 80,291 |
| Price reductions (mainland UK, September) | 83,780 |
| Typical Time on Market (England and Wales) | 94 days |
| Rent increase (national) | +2.3% |
Figures are for England and Wales unless the report states otherwise, as published in the edition.
Charts from the report
Source: Home.co.uk Asking Price Index, November 2018
Source: Home.co.uk Asking Price Index, November 2018
Source: Home.co.uk Asking Price Index, November 2018
Source: Home.co.uk Asking Price Index, November 2018
Source: Home.co.uk Asking Price Index, November 2018. Note: Average = Mean (days), Typical = Median (days)
Regional tables
UK Asking Prices, Nov-18
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £185,743 | -0.1% | 1.8% |
| North East | £156,746 | -0.2% | 0.3% |
| Yorks & The Humber | £197,752 | -0.1% | 4.6% |
| England & Wales | £308,524 | -0.3% | 0.6% |
| North West | £204,478 | 0.2% | 4.5% |
| West Midlands | £250,898 | -0.2% | 4.9% |
| East Midlands | £233,563 | -0.5% | 3.4% |
| East | £357,584 | -0.6% | -0.8% |
| Wales | £205,554 | 0.3% | 7.4% |
| Greater London | £520,628 | -0.3% | -2.3% |
| South East | £399,814 | -0.4% | -1.6% |
| South West | £325,073 | -0.3% | 0.7% |
UK Time on Market, Nov-18
| Region | Average Time on Market | Typical Time on Market | Annual % supply change |
|---|---|---|---|
| Scotland | 213 | 103 | 16% |
| North East | 225 | 117 | 8% |
| Yorks & The Humber | 169 | 95 | 8% |
| England & Wales | 162 | 94 | 14% |
| North West | 174 | 101 | 9% |
| West Midlands | 138 | 79 | 21% |
| East Midlands | 135 | 78 | 19% |
| East | 129 | 79 | 18% |
| Wales | 221 | 117 | 7% |
| Greater London | 160 | 94 | 4% |
| South East | 134 | 82 | 17% |
| South West | 147 | 87 | 24% |
From the director's commentary
"So the sun sets once again on the UK property market. Supply is soaring, especially where pricing is weakest."
Doug Shephard, Director at Home.co.uk
Read the full November 2018 edition (PDF, 7 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 2018 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
Thinking about your next move?
See what your home's worth in seconds, with the UK's longest-running property data behind it.
Get an instant valuation