Home Asking Price Index, October 2015: prices surge in the East and South East of England
England and Wales asking prices rose 1.0% in September, with annual growth reaching 6.9%, while supply fell to a record low for the month.
This is the October 2015 edition of the Home Asking Price Index, released on 13 October 2015, under the headline:
Prices Surge in the East and South East of England
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
- East of England home prices surged by 2.3% over the last 30 days, driven by phenomenal demand and lack of supply.
- Supply of UK property for sale falls to new record low for September (down 65% vs. Sept 2007).
- Prices move up 1.0% overall in England and Wales during the last month.
- The South East continues to be the UK's fastest-moving regional market and price rises outshine Greater London with a 6-month rise of 7.0%.
- The average annual home price appreciation for England and Wales rises further to 6.9%.
Summary
Surging demand coupled with lack of supply is driving home prices to new extremes in the East of England and the South East. Indeed, the uplift from these regions continues to drive the national average higher, thereby obscuring the poorer performance of several northern regions. The London and South East centred supply crisis is worsening, and September recorded the lowest number of properties entering these markets for that month since the onset of the financial crisis. The number of properties coming on to the market in Greater London, the East of England and the South East is down by 74%, 74% and 67% respectively vs. September 2007.
By way of stark contrast to the red hot markets in the South and East, home prices in the northern regions continue to stagnate. Annualised price changes for the North East, North West and Yorkshire of just 0.0%, 0.8% and 1.3% respectively indicate that the long-awaited market recovery is still not apparent.
Key figures
| Measure | Figure |
|---|---|
| Average asking price (England & Wales) | £285,432 |
| Monthly change | 1.0% |
| Annual change | 6.9% |
| Typical time on market (national median) | 96 days |
| Supply fall vs Sept 2007 (record low) | -65% |
| Price rise since Sept 2008 | 20.0% |
Figures are for England and Wales unless the report states otherwise, as published in the edition.
Charts from the report
Source: Home.co.uk, October 2015
Source: Home.co.uk, October 2015
Source: Home.co.uk, October 2015
Source: Home.co.uk, October 2015
Source: Home.co.uk, October 2015. Note: Average = Mean (days), Typical = Median (days)
Regional tables
UK Asking Prices, Oct-15
| Region | Average Asking Price | Monthly % change | Annual % change |
|---|---|---|---|
| Scotland | £169,491 | 0.8% | 3.8% |
| North East | £153,947 | 0.1% | 0.0% |
| Yorks & The Humber | £176,212 | 0.0% | 1.3% |
| England & Wales | £285,432 | 1.0% | 6.9% |
| North West | £179,233 | -0.1% | 0.8% |
| West Midlands | £211,910 | 0.4% | 4.0% |
| East Midlands | £200,340 | 0.5% | 3.6% |
| East | £307,485 | 2.3% | 7.9% |
| Wales | £184,312 | 0.1% | 1.9% |
| Greater London | £530,587 | 0.9% | 12.6% |
| South East | £378,991 | 1.8% | 9.1% |
| South West | £294,552 | 0.6% | 4.3% |
UK Time on Market, Oct-15
| Region | Average Time on Market | Typical Time on Market | Annual % supply change |
|---|---|---|---|
| Scotland | 231 | 109 | 4% |
| North East | 265 | 136 | 0% |
| Yorks & The Humber | 211 | 111 | -5% |
| England & Wales | 176 | 96 | -9% |
| North West | 214 | 115 | -3% |
| West Midlands | 173 | 95 | -8% |
| East Midlands | 163 | 90 | -9% |
| East | 123 | 69 | -16% |
| Wales | 243 | 131 | -6% |
| Greater London | 110 | 66 | -19% |
| South East | 108 | 63 | -9% |
| South West | 155 | 92 | -14% |
From the director's commentary
"The lack of global appetite for raising interest rates suggests that this property boom is no flash in the pan."
Doug Shephard, Director at Home.co.uk
Read the full October 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 October 2015 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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