House prices continue to rise, but lengthier time to exchange

house keys for home ownershipResidential properties across the UK have achieved an average selling price of 2.5% above the original instruction price, according to new research from TwentyEA

TwenyEA’s latest property price data for June 2022 shows that the average price of a home has hit £400,000. The market does not appear to be slowing down, despite homeowners facing increased pressure on their finances, thanks to the cost of living crisis.

Properties in the South West remain popular with home buyers, showing the strongest rates of house price growth over the last 12 months, with asking prices sitting at 18.24%, while growth in inner London is lagging, with the slowest rate of growth at 7.9%.

Wales is seeing the second highest asking price growth at 17.64%, followed by the West Midlands at 16.48% and the North East at 16.4%.

TwentyEA: Asking Prices Year on Year

UK Region Initial Asking Price June 2022 Initial Asking Price June 2021 Percentage Increase
East Midlands £317,188 £279,468 13.5%
East of England £465,324 £417,575 11.43%
Inner London £980,375 £908,706 7.9%
North East £214,044 £183,955 16.4%
North West £283,459 £244,208 16.07%
Northern Ireland £199,556 £177,586 12.37%
Outer London £593,217 £539,700 9.91%
Scotland £233,236 £211,325 10.4%
South East £553,223 £482,512 14.7%
South West £447,479 £378,463 18.24%
Wales £299,183 £254,324 17.64%
West Midlands £337,768 £289,979 16.48%
Yorlshire & The Humber £275,967 £239,981 15%

The research shows that asking prices have risen by an average of 11% over the last 12 months and by 20% since 2019.

The TwentyEA research also reveals that average time to exchange on a property has risen dramatically, with June 2022 figures showing it is sitting at 136 days (4.5 months), 47% higher than the 92 days in June 2019. The time to exchange is measured by the lag in days between the last sale agreed date and the exchanged date.

Stuart Ducker, strategic solutions director of TwentyEA, said: “Our analysis shows that despite soaring inflation and interest rate increases, property prices are still rising across the UK, with eight regions of the UK experiencing year-on-year asking price increases of more than 13%.

“While rising prices are good news for vendors, the average time to exchange is taking much longer, due to the lack of supply and delays in the chain forming.  If vendors get a sale agreed on their property, it takes much longer to find somewhere they want to live.”

 

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