Manchester property price growth only topped by two other cities last year
House prices continued to increase over the last 12 months with Northern cities enjoying a sustained period of growth.
The data, sourced from Hometrack’s UK Cities House Price Index, shows that house price inflation rose from 3.7% to 5.5% over the last year and interestingly, it’s Edinburgh that tops the list of UK cities experiencing the most growth with 8.1%.
Manchester, well noted for its period of building over the last few years, came in third with 7.4% with other cities large regional hubs including Nottingham, Birmingham, Leeds, Leicester and Liverpool also enjoying 6-8% growth.
City level growth – March 2018
|City||Current price||%yoy Mar-18||%yoy Mar-17|
|20 city index||£254,900||5.5%||3.7%|
Source: Hometrack UK Cities House Price Index
The national average stands at 4.6% annual growth, up 0.4% on the year before. London, where properties can take up to 17 weeks to sell, saw respectively sluggish growth of just 1.6% as sales struggle to keep up with new supply in the capital.
Hometrack said of the results that: “We expect house prices across London to continue to post modest falls in real terms over the next 12-24 months as prices realign to what buyers are prepared to pay.”
“It is early days, but there are some tentative signs that sales volumes could start to stabilise over 2018 as a result of more realistic pricing.”