Asking Price Index shows UK Property Market Paralysed in March
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Asking Price Index shows UK Property Market Paralysed in March
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
The latest Asking Price Index from Home.co.uk shows a freeze in the housing market during March 2020.
They have said “Estate agent offices are closed until further notice. Hence new listings have fallen off a cliff. Moreover, price movements in such times are essentially meaningless and forecasts of falling prices are premature to say the least.
“As in any market, price information is only representative when a certain threshold of transactions has been surpassed.”
The headlines of the report include:
- Supply of new sales instructions plummets across the UK (down 23% year-on-year).
- The largest regional fall in the number of new instructions year-on-year is in Scotland, followed by London and the South West.
- Home prices slip 0.6% month-on-month as fewer vendors list their properties.
- The average Time on Market for sales properties in England and Wales has begun to rise when normally it falls as springtime confidence surges.
- The North West and Wales remain atop the regional growth table, both with year-on-year price hikes of 4.3%.
- The total sales stock across England and Wales is now shrinking even more quickly; down by 13.0% year-on-year.
- For the time being, East of England remains the UK’s worst-performing region with the average asking price just 0.7% lower than twelve months ago.
- The supply of newly available rental property across the UK plummets 23% year-on-year.
- Competition for the dwindling number of available properties to let has driven up the mix-adjusted average rent in Greater London by 9.0% in just twelve months.
Read the full report here.
