What is the Hometrack City Index?
The Hometrack UK Cities House Price Index is the only UK index which analyses housing market trends at a city level – across 20 cities, plus regions and nationally. Giving a unique look at how homeownership in the UK’s major cities differentiates to that of the rest of the country.
The latest Hometrack Cities Index shows that:
- City house price growth is running at 5.3%, down from 8.7% in April 2016.
- 11 cities have a faster rate of growth than 12 months ago. Manchester registering the fastest growth rate of 8.4%.
- There has been a material slowdown over the last 12 months in the most unaffordable cities. Price growth in London is the slowest for 5 years at 3.5%, compared to 13.0% in April 2016.
The latest data from Hometrack seems to echo that of the wider UK indices with a slow in pace overall.
That said, the UK market is made up of such a diverse range of segments in terms of the property landscape and there are still a number of pockets showing above average growth, so to say the UK market is running low on steam certainly isn’t an accurate picture across the board.
We’ve seen the market remain strong over what has been a unique year for the property sector and weather the uncertainty of the Brexit vote and the approaching election. I think it’s fair to say that with more than half of the cities in Hometracks index seeing above average growth, buyer demand is still very present in today’s market.
It is no surprise that those cities that have seen the highest rate of inflation over the last year or so, such as London, such as Oxford, are now seeing a natural adjustment in price growth, whilst the more affordable options are now coming to the forefront in terms of desirability amongst UK buyers.Russell Quirk