Welcome to the new and improved HAPI report

Three fixed stand-ins have been retired. Each was a shortcut the original design named as a shortcut, and each is now a rule that keeps itself current. Nothing else about the index has moved.

Four smaller additions come with them: a 95% confidence band around each monthly move, a moving-average series beside the raw index, a time-on-market sample window so long-listed stock is not over-represented, and de-duplication to one record per property across every portal and agent feed.

Nine elements change in total, each labelled by origin. The full technical account, including measured coverage for every region, is in the companion paper, HAPI version 2, from home.co.uk.

The month in six lines

Asking prices are still creeping up in cash terms, but almost everything behind the price points the other way: fewer homes coming to market, far fewer leaving it, and a typical sale taking a third longer than it did a year ago.

Figures are mix-adjusted across region and property type. Data to the mid-June cut-off. Source: home.co.uk asking price and listings data.

Cash prices up, real prices down

The average asking price across England and Wales is £397,044, +0.37% over the month and +0.03% over the year. In cash terms the market has gone sideways for a year, close to its all-time high. Against inflation it has been losing ground steadily: real asking prices are -2.9% on the year, and have not been positive for 14 months.

The index is mix-adjusted across region and property type and rebased to 100 in January 2006. Real growth uses the current RPI estimate. Source: home.co.uk asking price data.

The month in numbers

Seven measures, each with its comparison. Read the price line with the turnover line: they are the two halves of the same story, and this month they point in opposite directions.

Stock is a mid-month snapshot; the instructions window is the 28 days to the data cut-off. Turnover compares complete months only. Source: home.co.uk data.

The north and Scotland carry the market

Every region posted a monthly gain, but the twelve-month picture splits the country in two. Scotland leads at +9.4%, with the northern English regions and Wales all ahead of the national figure. Greater London is weakest at -2.5%, and the southern regions sit at or below flat.

Regional figures cover the ten England and Wales Government Office Regions plus Scotland, mix-adjusted by region and property type. Source: home.co.uk asking price data.

Eleven markets, one average

The national figure is an average of eleven markets moving at different speeds. The spread between the fastest and the slowest is almost twelve percentage points, and it runs cleanly along the price gradient: the cheaper the region, the faster it is still rising.

Bars are drawn around a zero line and ordered fastest to slowest. Source: home.co.uk asking price data.

The same house, three times the price

Region	Average asking price	12 months
Greater London	£685,654	-2.5%
South East	£499,878	+0.3%
East of England	£421,872	-0.1%
South West	£391,568	-1.9%
West Midlands	£315,055	+1.8%
East Midlands	£290,621	-0.2%
North West	£287,907	+3.5%
Wales	£284,310	+2.2%
Yorkshire & The Humber	£271,008	+2.7%
Scotland	£234,589	+9.4%
North East	£206,061	+3.2%

Regions are shaded by mix-adjusted average asking price in five bands. Source: home.co.uk asking price data.

Stock is high, and it is not the sellers

Unsold stock stands at 544,670, -3.2% on the year and above the long-run average of 449,966. New instructions are -17.5% against the same 28 days last year. Supply is not the story; absorption is.

Stock is a mid-month snapshot. The instructions window is the 28 days to the data cut-off, compared with the identical dates a year earlier. Source: home.co.uk listings data.

A typical sale now takes 53 days

The typical time on market for England and Wales is 53 days against 39 a year ago, a rise of +35%. Scotland is the quickest market at 20 days, Greater London the slowest at 64. The average sits far above the typical figure in every region: the signature of a tail of over-ambitiously priced stock sitting unsold.

Typical is the median days from first listing; average is the arithmetic mean, which the long tail of unsold stock pulls upward. The time-to-sell change series covers the England and Wales regions only. Source: home.co.uk listings data.

Turnover is down 30%

Turnover averaged 2,117 properties a day across January to May, against 3,004 a day in the same months last year. This is the sharpest movement in the dataset, and it is what lengthens the time to sell.

Against inflation, almost nowhere wins

Cash growth flatters housing, because the yardstick moves too. The last column is the one that counts: growth less RPI, in percentage points.

Growth measured on the mix-adjusted regional series to July 2026. RPI from ONS.

Rents: London pulls away again

The England and Wales mean advertised rent is £1,761 per calendar month. Greater London stands at £2,923, up +5.8% over the year: the strongest regional move in the table, while London sale prices are the weakest in the country. The two markets are pointing in opposite directions.

Mean and median are of advertised asking rents, not achieved rents. Source: home.co.uk rental listings for the month.

Where London rents highest

Ten districts, ranked by mean advertised rent. The mean sits well above the median in every one of them, which is what a thin, top-heavy prime market looks like in the data: a handful of very large lettings pulling the average up past the typical one.

Districts are shown where listing volumes support them. Source: home.co.uk rental listings for the month.

How this index is built

The Home Asking Price Index measures the change in prices sellers ask for UK residential property. It leads completed-sale prices by roughly five months and is computed every month from over 500,000 advertised properties, reported by ONS Government Office Region.

The index at a glance

Reading the figures

Time on market is a median, so a tail of stale stock cannot inflate it. Turnover counts properties leaving the market per day, and partial months are excluded from year-on-year comparisons. Regional figures are mix-adjusted within region, so a change in the mix of what is advertised does not move them. Rents are advertised asking rents rather than achieved rents.

Every figure in this report is drawn from the home.co.uk dataset unless another source is named. home.co.uk has provided independent property market intelligence since 1995 and carries over 4 million annual visitors. For data enquiries, contact the home.co.uk data team.