Northern Cities Continue to Lead in Property Price Growth
House prices across the North have continued to show strong growth amid a varied national picture.
Data from the latest Zoopla Cities House Price Index highlights significant regional variations, especially between North and South, with the likes of Manchester and Liverpool recording +5% year-on-year growth.
Meanwhile, areas around London and the South East have seen more stunted growth or small losses.
Areas benefiting from rising employment rates and affordable starting prices have seen the strongest annual increases. Liverpool leads the way posting 5.7% growth, followed by Leicester (5.3%), Manchester (5.1%), Glasgow (5%) and Belfast (4.7%).
Meanwhile, Oxford and Aberdeen both recorded annual price decreases at -0.6% and -0.4% respectively, with London recording flat growth.
On average, the number of transactions in northern cities has increased by 6% compared to 2016, with sales in Liverpool seeing 19% growth alone.
Research and insight director at Zoopla, Richard Donnell commented on the results that: “The housing cycle continues to unfold at different speeds across UK cities.
“House prices and sales volumes continue to increase in regional cities outside southern England.”
First-time buyers have been credited as one of the most active buyer groups helping ensure continued demand in the property market so far in 2019, and two of the most active areas for those taking their first steps on the property ladder has been in Yorkshire and the North West where price growth remains strong year-on-year.
In fact, Halifax published figures last month that indicated how the number of first-time buyers had reached a 23-year high in 2018, supported by a range of house-buying mechanisms aimed at cutting deposit requirements and helping to meet stricter affordability levels, including Help-to-Buy and the growing availability of 5% mortgages from high street banks.
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