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Quote Ref: UKIN01

Asking prices for UK homes falling reveals latest research

an image of a property as asking prices for uk homes are falling
13 September 2018

By UKinsuranceNET In News

PropertyWire reports that asking prices in England and Wales were down 0.3% this month, whilst values were also down in Scotland.

According to the latest figures from the index, year on year asking prices are up by just 0.9% – a significant decrease from the 3.5% recorded in September 2017.

The statistics also showed that, year on year:

  • the supply of property for sale is up by 7%;
  • the total stock for sale has increased by 8.8%;
  • the biggest annual fall in asking prices is in Greater London – down by 2.3%.

Monthly asking house price data

Over the last month, the largest price falls recorded were in London and the South East – both down 0.5%. In the South West, asking prices were down by 0.7%.

The study points out that asking prices in London have been steadily falling for two and a half years and, so far, there is no indication of or cause for a change from this slow price erosion.

The Northern and Western regional property markets are outperforming the rest of the country by a significant margin in terms of price growth. Prices in Wales are up 6% which is leading the price growth tables.

The second significant annualised gains are in the West Midlands, where they are up by 5.2%.

Prices rose only in Wales and Scotland, and in the North West and East Midlands since last month. All other English regions fell.

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