estate agents

These cities are leading the way for UK house price growth…

The latest house price index from Hometrack provides further evidence of the vast regional differences across the UK’s housing market.

In the year to July, house prices in the UK’s cities climbed by an average of 4.2% to £252,400 according to the most recent Hometrack Cities House Price Index, while over the past three months prices have risen by an average 2.9%.

The annual rate is only slightly down on last month’s 4.6% rise from June 2017 to June 2018, but one thing remains consistent – the varying performances of the UK’s 20 major cities analysed in the index, with parts of the north and Midlands outperforming the south.

The strongest performance

The country’s fastest growing cities are now Nottingham and Leicester in the East Midlands, which saw annual house price rises of 7.5% and 6.6% respectively, while Nottingham’s three-monthly property price rise was also the strongest in the country at 3.9%.

Liverpool, with house price inflation of 6.3%, Manchester with 6.1% and Birmingham and Leeds each with 5.7% were the next best performing cities in the UK over the past 12 months, all well above the UK average and showing a trend for the strengthening of property prices in the north of the country.

The only city in England to register a fall on an annual basis was London, which recorded a 0.1% decline since July 2017, although prices there did see a small 1.2% uptick over the past three months after several months of poor performance. In Scotland, property prices in Aberdeen have fallen by 4% in the year to July 2018.

Room for improvement

Hometrack’s research also looked at house price recovery since the 2008 financial crisis, and it discovered that three major cities were still below where they were 10 years ago, while other parts of the country had seen much speedier recovery.

While Belfast was the worst hit, with average prices now at -28% of what they were pre-2008, Aberdeen has also been slow to recover with average property prices still 3% below where they were, while in Liverpool they’re still -1% lower than in 2008. However, the housing market in Liverpool in particular is on an upward trajectory, indicating that prices are likely to continue to rise sharply as has been seen in recent months in the city and across the north-west.

Self-certified Sophisticated Investor

Please read

I declare that I am a self-certified sophisticated investor for the purposes of the restriction on promotion of non-mainstream pooled investments. I understand that this means:

I am a self-certified sophisticated investor because at least one of the following applies:

I accept that the investments to which the promotions will relate may expose me to a significant risk of losing all of the money or other property invested. I am aware that it is open to me seek advice from someone who specialises in advising on non-mainstream pooled investments.

High Net Worth Investor

Please read

I make this statement so that I can receive promotional communications which are exempt from the restriction on promotion of non-mainstream pooled investments. The exemption relates to certified high net worth investors and I declare that I qualify as such because at least one of the following applies to me:

STAY AHEAD OF THE MARKET

Sign up for first access to new developments and exclusive property investment opportunities.

We send limited and targeted emails on new launches and exclusive deals which best fit your areas. We are trusted by over 30,000 active buyers as their source for new stock.

  • New property developments
  • Professional market reports
  • Property deal alerts
  • Development updates
Manchester property investment

FIRST FOR NEWS AND KNOWLEDGE.

Receive trending news straight to your inbox and stay up to date on all of the property market trends and advice.

Established since 2005 we are a leading voice of authority and commentary on the UK property market. Our news is trusted by Apple News & Google News.

  • UK housing market
  • Mortgage & money
  • Buy-to-let landlords
  • Guides & advice

Talk to us

Speak to our UK property experts today:

 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

 

+852 6699 9008

Open from 9am-6pm HKT