Hometrack’s latest numbers have been released showing prices up 5.1% in the past year in the largest 20 cities across the UK, ahead of the national average of 4.6%. Although a 2.6% growth in London is the slowest in five years, other cities across the UK are thriving – namely Birmingham, which enjoyed a 7.8% increase in property prices in the last 12 months. Going north, Edinburgh follows with a 6.5% jump and Manchester comes in third place in price growth at 6.4%.
Over the last month, Sheffield saw the largest growth in the UK at 1%, closely trailed by Aberdeen, Nottingham, Edinburgh and Southampton at a 0.9% increase. It is worth noting that Birmingham and Manchester both grew at slower rates on a month to month basis at 0.7% and 0.4%, respectively.
Aberdeen was the only city over the past year experience a drop into the negative in property growth at a rate of -2.7%. Cambridge and Oxford are also performing below the rest of the UK’s cities with growth rates of 1.9% and 2.1%, respectively.
Cambridge is also the only city in the index that went below zero over the last month dropping to -0.7%. Belfast saw a growth rate of nil, while Bournemouth and Newcastle slightly grew by 0.1% month on month.
City living will always drive the UK market and so it gives a good indicator of where is quickest out of the blocks while the overall market is still wiping the post election sleep out of its eyes. The latest data from Hometrack suggests that the UK market has also almost broken free from the shackles of Brexit uncertainty, with the market performing notably better than last year.
It is a mixed bag of sweets in terms of the current UK market and London seems to be the liquorice where buyer demand is concerned, a classic favourite, but an acquired taste and one that is waning in popularity – particularly inner London. Other areas such as Bristol, Oxford and Cambridge are also paying the price of their much higher price tags with slower growth, whilst Britain’s second city has come to the forefront in terms of the best property price performance, joined by the regionally varied ensemble of Edinburgh, Leeds, Manchester and Nottingham.Russell Quirk