In recent data released by the Hometrack UK Cities House Price Index this week, there seems to be more good news for homeowners as city property price growth moderated for the month of July to 4.2% on a year on year basis, with the average house price now coming in at just over £252,000.
The league table for city by city growth have also continued to shift and change over the last 12 months with the largest growth coming from the Midlands, with Nottingham and Leicester being the fastest growing cities in the UK with rises of 7.5% and 6.6% respectively.
Conversely the capital city dipped into negative growth as London went down to -0.1%.
The news is best highlighted by the fact that both Manchester and Birmingham dropped from their previous positions in the top three fastest growing cities, even though their rate of growth is still above average with Manchester’s growth at 6.1%, whilst Birmingham’s was 5.7%.
It has been a fluctuated journey of recovery for the UK’s housing market over the last 10 years since the financial crisis, with four cities showing growth in excess of 50%, whilst five cities still remain below (of within 5%) of the levels seen in 2008.
Top Growth For House Prices Since 2008
Cambridge – +70%
London – +65%
Oxford – +55%
Bristol – +53%
Lowest Growth For House Prices Since 2008
Belfast – -28%
Aberdeen – -3%
Liverpool – -1%
Glasgow & Newcastle – within 5% of 2008 price
What the results ultimately highlight is the unsurprising regional differences within the housing market in the UK, though with overall growth at the aforementioned 4.2% showing little sign of stopping it is imperative that those looking to take their first steps on the property ladder act quick.
Indeed, whether you are a first time buyer or looking for a better rate on your existing mortgage there is no better time to review your situation and talk to a qualified mortgage adviser. Call us on 01249 474952 or book an appointment to speak to one of our advisers by clicking HERE