Home Asking Price Index, September 2011: home prices take a seasonal dip
England and Wales asking prices fell 0.2% in August, with the annual change at -0.3% and typical time on market unchanged at 120 days.
This is the September 2011 edition of the Home Asking Price Index, released on 12 September 2011, under the headline:
Home Prices Take a Seasonal Dip
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
- Overall the mix-adjusted average asking price for homes on the market in England and Wales has fallen 0.2% since August.
- London prices dropped back by 0.9% over the last month.
- Home prices fell in 6 out of 9 English regions and in Scotland and Wales, during the last month.
- Typical time on market has remains essentially unchanged at 120 days.
- Supply of new properties to market increased slightly to 110,648 in August, but this figure is 11% less than in August 2010.
- Annual change in asking prices: -0.3%
- 6-month change in asking prices: 0.9%
Summary
Autumn portends a slowdown in the UK property market, which has already endured a lacklustre year. Both sales volumes and prices are down compared to last year's figures. Sentiment amongst buyers and sellers continues to be subdued by a poor macroeconomic outlook, and despite a loosening of mortgage lending criteria over recent months, doom and gloom is weighing heavy on the UK property market. Poor economic news looks set to plague the money markets for the foreseeable future.
Market sentiment across all regions of England, Wales and Scotland continues to be downbeat. A vibrant rental sector together with limited supply of properties for sale is serving to support prices to some degree, yet this situation may not last, as forbearance amongst lenders cannot continue indefinitely. The rental sector continues to perform strongly with many sales properties being bought to let or being let in lieu of a suitable buyer.
Key figures
| Measure | Figure |
|---|---|
| Mix-adjusted average asking price (England & Wales) | £227,325 |
| Monthly change in asking prices | -0.2% |
| Annual change in asking prices | -0.3% |
| 6-month change in asking prices | 0.9% |
| Typical Time on Market | 120 days |
| Average Time on Market | 210 days |
| Supply of new properties to market | 110,648 |
| HAPI index value | 97.1 |
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 asking prices for September 2011, showing gains and losses since June 2011 and current typical
| Current average price | 3-month change | ToM (days) | |
|---|---|---|---|
| East Anglia | £242,329 | +0.5% | 103 |
| North East | £152,918 | +0.2% | 177 |
| South East | £285,085 | 0.0% | 94 |
| West Midlands | £188,164 | 0.0% | 125 |
| Wales | £174,966 | -0.2% | 157 |
| East Midlands | £172,863 | -0.3% | 125 |
| Yorkshire and Humber | £168,247 | -0.3% | 154 |
| Scotland | £162,198 | -1.2% | 131 |
| Greater London | £339,071 | -0.6% | 93 |
| North West | £173,356 | -.0.3% | 145 |
| South West | £249,883 | -0.4% | 107 |
| England & Wales | £227,325 | -0.2% | 120 |
time on market.
Read the full September 2011 edition (PDF, 12 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 September 2011 edition as published, with punctuation normalised for the web, and are not revised. Later editions may restate them.
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