Summary of the Asking Price Index Report May

Here’s your latest monthly property market round-up

• Asking prices across England and Wales surged a further 0.9% overall in May, bringing the year-on-year rise to 6.5% while inflation leapt to 13% (RPI ex. housing).*
• The property market continues to outpace even last year’s blistering pace. Typical Time on Market (median) for unsold property is 60 days, which is 16 days less than in June 2021.
• Supply eases slightly as vendors are tempted by much higher prices. Five per cent more properties were placed on the market last month compared to May 2021. London, however, indicated a 4% year-on-year drop in supply.
• The total stock of property for sale in England and Wales nudged up again and passed the 250,000 mark for the first time since October last year.
• The South West property market continues to lead in annualised regional price growth (+10.0%), narrowly ahead of Wales (+9.5%).
• Rents in Greater London continue their upward spiral. High demand and falling supply of available properties to let has pushed up annualised rental growth an alarming 27.6%. The mix-adjusted average monthly rent in the capital region is now 25% higher than in pre-COVID June 2019.
• Asking rent growth across the UK currently stands at 18.8% year-on-year.
• Central London rents continue to set new records as supply plummets. Aside from the City (+51%), the greatest rises in asking rents over the last twelve months are now in Lambeth (+44%) and Hackney (+43%).

Figures reported by Home.co.uk