House Price Index

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Search activity up 27%, but lowest ever number of new sellers

  % Change in month% Change Past YearAve house price
Jan HPI-0.8%0.4%£224,060
Dec HPI-2.7%1.5%£225,766

Key points

  • First week of 2012 sees asking prices rise by 1.4%, though prices still down 0.8% on the month - an early indicator that a new seller shortage is likely to underpin prices this year, especially in ‘micro-markets’ where supply is limited
  • Record level of search activity as value-seeking buyers face the smallest ever choice of new listings:

    - 44 million property searches in first 10 days of 2012, up 27% on 2011, highlighting pent-up demand held back by ongoing mortgage famine

    - Estate agents marketing less than one new property per week per branch, the lowest ever seen

  • 2012 Winners: deposit-assisted first-time buyers, equity-blessed trader-uppers, savvy buy-to-let investors, some golden-oldies, and those selling properties ‘with a difference’
  • 2012 Losers: trapped renters and sellers of ‘average’ homes unwilling or unable to offer a cut-price deal
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