Prices Tick Up as Supply Remains Tight
Asking price guide
- Asking prices across England and Wales bounced by 0.2% during September, making the year-on-year fall in asking prices just -1.5%.
- The supply rate of new instructions entering the market remains remarkably restrained overall: no change year-on-year and down 8% vs. September 2018. The largest increase at the regional level was observed in the East of England while the largest year-on-year falls in supply were in Scotland (-7%) and Wales (-8%).
- The Typical Time on Market for unsold property in England and Wales increased by six days during September in line with seasonal expectations. The current median is 90 days; in pre-COVID October 2019, the same measure was 99 days.
- The total sales stock count for England and Wales continues a rising trend, surpassing the total for October 2019 but not that of October 2018. The current total of unsold property is 473,188.
- Prices have fallen in just four English regions and Scotland since last month, while the largest rise was in the North West where prices jumped 1.1%.
- The Scottish property market remains the leader in terms of annualised price growth (5.6%), while the East of England remains the laggard at -3.4%.
- Rents across the UK continue to rise overall (9.7% annualised) and are now led by the North West (up 15.0%). Greater London is now the worst-performing region (at 6.6%), while also being the region with the greatest increase in supply year-on-year.
- The current growth leaders in London asking rents are now the boroughs of Enfield and Haringey (+18.7% and +19.6% annualised respectively). Rent growth in the capital has dropped considerably over the last month.