Property News

Asking Price Index shows UK Property Market Paralysed in March

Em Morley - April 17, 2020

The latest Asking Price Index from 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.