Whilst city house price growth across the UK has experienced a slight drop in recent times, eleven of the country’s biggest cities have a faster growth rate than 12 months ago.
The overall city house price growth year-on-year has slowed to 5.3%, down from 8.7% in April 2016, the latest index by Hometrack has shown.
Manchester ahead of London in ranking for top global cities for house price growth
The reason for a slowdown in house price growth is largely a small price increase of only 0.1% during the second half of 2016.
In the last three months to April 2017, house prices have increased by 3.2% on average across the UK, with only Manchester (4%), Birmingham (3.8%) and Edinburgh (3.7%) experiencing above average growth.
So where are the big winners?
One of the biggest winners remains Manchester with the fastest growth rate at 8.4%, an increase from the 6.3% recorded one year ago. The report continues:
“The ratio of sales to new supply in Manchester indicates relatively tight housing supply which points to continued upward pressure on house prices.”
Cities across the country’s Midlands are registering robust growth, including Leicester at 7.7%, Birmingham also at 7.7% and Nottingham at 7.2%. The Hometrack report also revealed that those more regional cities are now overtaking the growth of previous favourites such as Bristol and London.
Other cities impressing with great growth rates are Edinburgh increasing by 2.9%, Glasgow by 2.2% and Newcastle by 2.7% over the last 12 months.
If you like to read the full Hometrack index, you can find it here.
