Cities see strongest house price growth in a decade
House prices in the UK's biggest cities have grown 5% or more annually for the first time since 2004.
Hometrack's latest Cities House Price Index has revealed that all of the nation's major cities have seen annual growth of 5% or more.
It's the first time the house price growth has spread across the nation in such a way since 2004.
City growth
Hometrack's new index covers the UK's biggest cities, which between them contain 33% of all homes and 43% of the value of the UK housing market.
And while all of the cities covered have seen strong growth, London (17.3%), Bristol (13.2%) and Cambridge (12.2%) lead the way with double digit jumps.
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Signs of a slowdown
Despite significant annual growth, there has been a slowdown in the speed of house price growth in most UK cities. Fourteen of the 20 of the cities surveyed are now registering house price inflation below the UK national average and 13 cities report a deceleration compared to last month's inaugural index.
Hometrack predicts that the rate of growth will descend towards single-digit figures. Modest price falls are already being seen in smaller cities like Oxford and Cambridge which react more quickly to weaker demand.
Here's how the cities have performed according to Hometrack.
|
City |
Average price |
Relative to 2007 peak |
Relative to recent trough |
% change year on year |
|
London |
£402,800 |
30.2% |
54.8% |
17.3% |
|
Bristol |
£217,300 |
8.2% |
34.1% |
13.2% |
|
Cambridge |
£331,000 |
25.6% |
52.3% |
12.2% |
|
Portsmouth |
£194,700 |
4.7% |
23.9% |
9.4% |
|
UK |
£185,700 |
0.9% |
19.1% |
9.2% |
|
Southampton |
£189,500 |
3.7% |
24.1% |
9% |
|
Oxford |
£333,400 |
19.3% |
42.3% |
8.9% |
|
Edinburgh |
£194,400 |
-5.6% |
14.2% |
8.7% |
|
Belfast |
£114,900 |
-50.2% |
11.3% |
8.3% |
|
Nottingham |
£128,500 |
-3% |
15.9% |
8.1% |
|
Aberdeen |
£190,000 |
10.7% |
27.3% |
7.9% |
|
Cardiff |
£176,400 |
-0.7% |
17.8% |
7.9% |
|
Bournemouth |
£242,300 |
1.7% |
23.6% |
7.6% |
|
Manchester |
£137,000 |
-7.6% |
10.8% |
7.6% |
|
Leeds |
£140,400 |
-9% |
10.7% |
7.3% |
|
Newcastle |
£123,800 |
-9.3% |
9.1% |
6.9% |
|
Leicester |
£143,100 |
-2.5% |
16.2% |
6.3% |
|
Birmingham |
£133,700 |
-6.1% |
11% |
6.1% |
|
Sheffield |
£125,700 |
-5.7% |
9.9% |
5.7% |
|
Liverpool |
£109,700 |
-14.7% |
8.4% |
5.5% |
|
Glasgow |
£110,100 |
-13.8% |
7.4% |
5.5% |
More on housing:
Asking prices fall 1.7% as properties for sale drops to record low
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