![\"House](\"https:\/\/www.benhams.com\/press-release\/wp-content\/uploads\/2020\/03\/London-propety-265x300.jpg\")
<\/p>\nLeading lettings and sales agent, Benham and Reeves, has released the latest of its very own quarterly house price index based on data from the top four existing indices, looking at where the average house price sits and how the gap between buyer and seller expectation and actual sales has changed.<\/p>\n
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The Benham and Reeves House Price Index combines data from the four leading industry indices to give a singular figure of how the UK market is moving based on both buyer and seller sentiment, as well as looking at the difference in these indices and what they reveal about the state of the current market.<\/p>\n
Current property values<\/strong><\/p>\n The latest index from Benham and Reeves for Q4 2019 shows that the current overall average UK house price is sitting at \u00a3251,912 having dropped marginally by -0.2% on the previous quarter, although prices were up by 1.4% on an annual basis.<\/p>\n In London, the average property value also dropped marginally to \u00a3511,166, down -0.4% on the previous quarter, down -0.7% on an annual basis.<\/p>\n Seller and buyer expectations show signs of alignment<\/strong><\/p>\n The latest quarterly data from Nationwide and Halifax shows that the amount UK buyers are committing to borrowing has increased slightly by 0.31% to \u00a3225,188. At the same time, the average asking price has fallen by -1.02%, while sold prices are up 0.4% to \u00a3234,167.<\/p>\n Despite a market bounce following the election, it\u2019s clear that months of Brexit uncertainty have seen the expectation gap between buyers and sellers close. The gap between buyer expectation and asking prices dropped -1% in Q4 to 35%, while there was also a -1% decrease between asking price and sold price, down to -23%.<\/p>\n However, in London, this gap remained consistent with a 33% increase between the price at which buyers were being approved for a mortgage and the asking price expectations of UK sellers, while there was a -22% drop between this asking price and the average sold price.<\/p>\n \u201cIt\u2019s only natural that asking prices will remain at a higher level than the average mortgage approval or sold price but it\u2019s interesting to see that months of Brexit uncertainty had started to bring this difference in buyer and seller expectations closer together.<\/p>\n As buyers committed to slightly more in the way of a mortgage approval price to take advantage of lower market values and lower interest rates, sellers realised they had to lower asking expectations to secure a deal in tough market conditions. This also translated to a smaller gap between asking price and the sold price accepted.<\/p>\n However, with a huge spike in activity following December\u2019s election, we will no doubt see asking prices start to lift once again, as UK sellers look to take advantage of returning buyer demand.<\/p>\n While this asking price expectation will always be higher than the reality of the average sold price, an optimistic increase in a stronger market places sellers in a better position to negotiate a stronger sale price before accepting an offer.\u201d<\/p><\/blockquote>\n Leading lettings and sales agent, Benham and Reeves, has released the latest of its very own quarterly house price index based on data from the top four existing indices, looking at where the average house price sits and how the gap between buyer and seller expectation and actual sales has changed. The Benham and Reeves … <\/p>\nDirector of Benham and Reeves, Marc von Grundherr<\/a>, commented:<\/h2>\n
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\n Benham and Reeves House Price Index<\/th>\n<\/tr>\n \n UK<\/th>\n<\/tr>\n \n Year<\/th>\n Quarter<\/th>\n Average House Price<\/th>\n Quarterly Change<\/th>\n Annual Change<\/th>\n<\/tr>\n \n 2018<\/th>\n Q1<\/td>\n \u00a3245,074<\/td>\n –<\/td>\n –<\/td>\n<\/tr>\n \n <\/td>\n Q2<\/td>\n \u00a3248,245<\/td>\n 1.3%<\/td>\n –<\/td>\n<\/tr>\n \n <\/td>\n Q3<\/td>\n \u00a3250,244<\/td>\n 0.8%<\/td>\n –<\/td>\n<\/tr>\n \n <\/td>\n Q4<\/td>\n \u00a3248,513<\/td>\n -0.7%<\/td>\n –<\/td>\n<\/tr>\n \n 2019<\/th>\n Q1<\/td>\n \u00a3247,463<\/td>\n -0.4%<\/td>\n 1.0%<\/td>\n<\/tr>\n \n <\/td>\n Q2<\/td>\n \u00a3251,682<\/td>\n 1.7%<\/td>\n 1.4%<\/td>\n<\/tr>\n \n <\/td>\n Q3<\/td>\n \u00a3252,487<\/td>\n 0.3%<\/td>\n 0.9%<\/td>\n<\/tr>\n \n <\/td>\n Q4<\/td>\n \u00a3251,912<\/td>\n -0.2%<\/td>\n 1.4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n \n\n\n
\n London<\/th>\n<\/tr>\n \n Year<\/th>\n Quarter<\/th>\n Average House Price<\/th>\n Quarterly Change<\/th>\n Annual Change<\/th>\n<\/tr>\n \n 2018<\/th>\n Q1<\/td>\n \u00a3519,238<\/td>\n –<\/td>\n –<\/td>\n<\/tr>\n \n <\/td>\n Q2<\/td>\n \u00a3520,412<\/td>\n 0.2%<\/td>\n –<\/td>\n<\/tr>\n \n <\/td>\n Q3<\/td>\n \u00a3517,059<\/td>\n -0.6%<\/td>\n –<\/td>\n<\/tr>\n \n <\/td>\n Q4<\/td>\n \u00a3514,976<\/td>\n -0.4%<\/td>\n –<\/td>\n<\/tr>\n \n 2019<\/th>\n Q1<\/td>\n \u00a3504,731<\/td>\n -2.0%<\/td>\n -2.8%<\/td>\n<\/tr>\n \n <\/td>\n Q2<\/td>\n \u00a3512,193<\/td>\n 1.5%<\/td>\n -1.6%<\/td>\n<\/tr>\n \n <\/td>\n Q3<\/td>\n \u00a3513,180<\/td>\n 0.2%<\/td>\n -0.8%<\/td>\n<\/tr>\n \n <\/td>\n Q4<\/td>\n \u00a3511,166<\/td>\n -0.4%<\/td>\n -0.7%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n \n\n\n
\n UK<\/th>\n<\/tr>\n \n Year<\/th>\n Quarter<\/th>\n Mortgage Approvals Price<\/th>\n < Difference ><\/th>\n Asking Price<\/th>\n < Difference ><\/th>\n Sold Price<\/th>\n<\/tr>\n \n 2018<\/th>\n Q1<\/td>\n \u00a3218,231<\/td>\n 37.8%<\/td>\n \u00a3300,684<\/td>\n -25.4%<\/td>\n \u00a3224,319<\/td>\n<\/tr>\n \n 2018<\/th>\n Q2<\/td>\n \u00a3219,116<\/td>\n 40.4%<\/td>\n \u00a3307,745<\/td>\n -26.3%<\/td>\n \u00a3226,869<\/td>\n<\/tr>\n \n 2018<\/th>\n Q3<\/td>\n \u00a3221,959<\/td>\n 37.4%<\/td>\n \u00a3305,060<\/td>\n -24.1%<\/td>\n \u00a3231,438<\/td>\n<\/tr>\n \n 2018<\/th>\n Q4<\/td>\n \u00a3220,522<\/td>\n 37.1%<\/td>\n \u00a3302,239<\/td>\n -23.8%<\/td>\n \u00a3230,274<\/td>\n<\/tr>\n \n 2019<\/th>\n Q1<\/td>\n \u00a3221,578<\/td>\n 35.6%<\/td>\n \u00a3300,481<\/td>\n -24.3%<\/td>\n \u00a3227,608<\/td>\n<\/tr>\n \n 2019<\/th>\n Q2<\/td>\n \u00a3225,987<\/td>\n 36.2%<\/td>\n \u00a3307,691<\/td>\n -25.5%<\/td>\n \u00a3229,276<\/td>\n<\/tr>\n \n 2019<\/th>\n Q3<\/td>\n \u00a3224,490<\/td>\n 36.5%<\/td>\n \u00a3306,321<\/td>\n -23.6%<\/td>\n \u00a3234,074<\/td>\n<\/tr>\n \n 2019<\/th>\n Q4<\/td>\n \u00a3225,188<\/td>\n 34.6%<\/td>\n \u00a3303,182<\/td>\n -22.8%<\/td>\n \u00a3234,167<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n \n\n\n
\n London<\/th>\n<\/tr>\n \n Year<\/th>\n Quarter<\/th>\n Mortgage Approvals Price<\/th>\n < Difference ><\/th>\n Asking Price<\/th>\n < Difference ><\/th>\n Sold Price<\/th>\n<\/tr>\n \n 2018<\/th>\n Q1<\/td>\n \u00a3473,776<\/td>\n 30.8%<\/td>\n \u00a3619,905<\/td>\n -23.1%<\/td>\n \u00a3476,653<\/td>\n<\/tr>\n \n 2018<\/th>\n Q2<\/td>\n \u00a3468,845<\/td>\n 34.0%<\/td>\n \u00a3628,174<\/td>\n -23.8%<\/td>\n \u00a3478,555<\/td>\n<\/tr>\n \n 2018<\/th>\n Q3<\/td>\n \u00a3468,544<\/td>\n 31.2%<\/td>\n \u00a3614,537<\/td>\n -21.9%<\/td>\n \u00a3480,090<\/td>\n<\/tr>\n \n 2018<\/th>\n Q4<\/td>\n \u00a3466,988<\/td>\n 31.5%<\/td>\n \u00a3614,044<\/td>\n -22.4%<\/td>\n \u00a3476,273<\/td>\n<\/tr>\n \n 2019<\/th>\n Q1<\/td>\n \u00a3455,594<\/td>\n 32.8%<\/td>\n \u00a3605,178<\/td>\n -22.9%<\/td>\n \u00a3466,356<\/td>\n<\/tr>\n \n 2019<\/th>\n Q2<\/td>\n \u00a3465,722<\/td>\n 32.7%<\/td>\n \u00a3618,232<\/td>\n -24.5%<\/td>\n \u00a3466,683<\/td>\n<\/tr>\n \n 2019<\/th>\n Q3<\/td>\n \u00a3460,686<\/td>\n 33.1%<\/td>\n \u00a3612,967<\/td>\n -21.9%<\/td>\n \u00a3478,594<\/td>\n<\/tr>\n \n 2019<\/th>\n Q4<\/td>\n \u00a3458,363<\/td>\n 32.9%<\/td>\n \u00a3609,315<\/td>\n -21.5%<\/td>\n \u00a3478,227<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"