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Higher prices reported in’s June Asking Price Index

Published On: June 22, 2020 at 8:09 am


Categories: Property News

Tags: ,,,

The latest Asking Price Index from shows that vendors are re-entering the market with higher prices for June. says: “Counter to the doom and gloom that has dominated the media recently, vendors who have been brave enough to place their properties on the market are showing considerable confidence and less caution than might be expected.
“However, considering the overall lack of supply (there are only around 40% of the new listings one might expect for the month of May), their bullishness would seem justified.

“Supply was already low a year ago, according to longer-term trends, and the mere trickle of properties entering the market is highly unlikely to surpass demand.

“Moreover, it is clear that there is considerable pent-up demand post-lockdown, so much so that several major lenders have temporarily withdrawn 90% LTV products citing overwhelming demand, especially from first-time buyers.
“The fact is that the market is currently in a state of transition and the new normal is yet to be defined. We anticipate that it will take two to three months for the market to find its new post-pandemic equilibrium.
“Previously, we observed that the UK property market began the year with a plethora of encouraging activity and post-correction regions showed considerable potential for price growth. 

“The optimistic scenario would be a return to this positive trend, although demand will certainly be tempered to some degree by a mortgage credit bottleneck and the economic damage sustained by the lockdown cannot be ignored.

“The key question remains ‘How vigorous will be the rebound be?’ Indications thus far suggest the market is taking off with an unprecedented sense of urgency.
“What is blatantly clear is that the situation could have been a whole lot worse. The annualised mix-adjusted average price growth across England and Wales currently stands at +0.8%; in June 2019, the annualised rate of increase of home prices was -0.6%.”

Asking Price Index
Higher prices reported in’s June Asking Price Index

Asking Price Index headlines

  • Supply of new sales instructions ticks up across the UK in May (but is only 43% of the May 2019 total) as the lockdown eases.
  • Vendors braving the market are confident and are pricing much higher, safe in the knowledge that supply is very low.
  • Consequently, the mix-adjusted average for England and Wales has jumped 0.7% since the May reading.
  • The North West and Yorkshire show confident price hikes of 1.5% and 1.3% respectively since last month.
  • The supply rate of new instructions has recovered the most in London and the least in Scotland.
  • The best-performing regions, the North West and Yorkshire, show the lowest rises in Typical Time on Market aside from London and have year-on-year price growth comfortably surpassing that of monetary inflation (3.4% and 3.2% respectively).
  • The total sales stock on the market across England and Wales has increased slightly since last month but is still significantly down; 14% year-on-year.
  • East of England remains the UK’s worst-performing region with the average asking price 1.7% lower than twelve months ago, although a jump of 0.9% this month shows that confidence is rapidly returning.
  • Supply in the rental sector across the UK recovers slightly but remains 15% down year-on-year.

View the full report here:

Asking Price Index shows UK Property Market Paralysed in March

Published On: April 17, 2020 at 8:40 am


Categories: Property News

Tags: ,,

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.

Landlord rental yields robust in all UK regions

Published On: March 31, 2020 at 8:14 am


Categories: Landlord News

Tags: ,

The scarcity of properties on the market continues to push up rents, as well as rental yields, according to property website

According to its latest figures, the lettings market has 15% less stock than a year ago. The problem is even more pronounced in London, where the supply of newly available properties is down 21%. This is part of a three-year decline in the capital’s rental stock of 51%.

 Typical monthly rent (median) for a two-bedroom property (in the six months to March 2019)Typical monthly rent (median) for a two-bedroom property (in the six months to March 2020)
East Anglia£850£850
East Midlands, Scotland and Wales£600£625
Greater London£1,695£1,755
North East£485£495
Northern Ireland£535£550
North West£593£600
South East£950£975
South West£750£775
West Midlands£650£675
Yorkshire and Humber£550£575

According to their data, only East Anglia remained the same. Year-on-year, landlords in many regions are seeing their rental yields grow or remain high. has also noted a rise in rental yields in five regions:

  • Yorkshire and Humber from 5.3% to 5.4%;
  • South West from 4.6% to 4.7%;
  • East Midlands from 5.1% to 5.2%;
  • North East from 6.1% to 6.3%; and
  • Wales from 5.7% to 5.8%.

Yields have remained the same over the last year in the West Midlands at 5.4%.

Meanwhile, rental yields remain high in the following regions, despite slight decreases: 

  • Greater London from 5.1% to 5.0%; 
  • Northern Ireland from 6.8% to 6.6%;
  • North West from 5.9% to 5.8%;
  • South East from 4.6% to 4.5%;
  • East Anglia from 4.5% to 4.4%;
  • Scotland from 6.7% to 6.5%.

Large drop in stock levels key drivers for property sales and rental market

Published On: January 20, 2020 at 9:35 am


Categories: Lettings News

Tags: ,,’s latest research highlights the impact that ultra-low stock levels have had on property sales and lettings.

Lettings headlines                                                      

  • The supply of newly available rental property has fallen across the UK (down 15% year on year)
  • The London lettings markets are worst hit by this alarming development (supply down 21% year on year) and rents are rocketing with twelve of the thirty-three boroughs showing annualised hikes above 10%.

It’s not looking great in England and Wales, with the total stock of property sales down by 9.7% since the previous year. However, London has been hit even harder, with this property drought leading to a 23% drop compared to a year ago.

This pattern continues for lettings in the UK, as there was 15% less stock entering the market in 2019. London is again suffering the most, with the supply of newly available rental properties down by 21%.

This is thought to be the reason why rents are already rocketing in the capital. points out: “This accelerating trend in the monthly cost of property to let is a direct result of a three-year decline in the available rental stock, during which time the overall stock level for Greater London has plummeted 51%.

“While demand for the few rental properties currently available is inflating rents across much of Greater London, our research also shows that rent hikes are beginning to accelerate in the South East (now up 7.8% year on year). 

“We expect this trend to continue throughout 2020 and house prices to begin to follow suit in the region later in the year. Overall, UK rents are up even more (8.0% year on year) but this figure is inflated disproportionally by the Greater London mix-adjusted average of 12.1%.”

The property portal expects the reduced political uncertainty and talk of a possible rate cut by the Bank of England to bolster buyer confidence going forward, increasing demand throughout 2020.