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No Signs Of Price Weakness In Northern Cities

Posted on 4th April 2018
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House price growth in British cities continues to be led by locations in the north; Edinburgh, Liverpool, Manchester and Leeds all saw a strong year-on-year growth, registering more than 7% between February 2017 and February 2018, according to the latest index from Hometrack.

In Edinburgh, where average house prices are now £277,300, property price growth surged by 8% over the 12-month period, up from 4.4% the previous year. This was followed by Liverpool, which saw house price growth rise to 7.8% in the year to February compared to 2.7% in the previous period, bringing the average value up to £115,700. Birmingham and Leicester both registered 7.7% house price growth, while Manchester saw a 7.1% rise.

Overall prices in key cities have increased by 5.2% in the 12 months to February 2017 but the reverse is happening in London with value up just 1% year on year and negative growth in 42% of the capital’s postcodes.

The headline rate of growth across London has slowed to just 1%, down from 4.3% a year ago, the lowest annual rate of growth since August 2011. Over the last three months average prices have increased by just 0.4%, well down on 5% growth recorded per quarter recorded in 2014.

 

Top 10 House Price Growth – February 2017 to February 2018 

City Average Price Last 12 Months Last 3 Months
Edinburgh £227,200 8.0% 2.9%
Liverpool £115,700 7.8% 2.4%
Birmingham £155,600 7.7% 1.8%
Leicester £171,800 7.7% 3.5%
Manchester £159,900 7.1% 1.4%
Leeds £160,900 6.9% 1.2%
Nottingham £145,600 6.6% 0.8%
Sheffield £133,600 6.0% 1.8%
Cardiff £197,600 5.3% 1.0%
Portsmouth £233,200 5.3% 1.3%

Source: https://www.hometrack.com/

The latest results confirm our view that house prices in London are set to drift lower in the next 2-3 years. In contrast, house price growth remains robust in the largest regional cities where similar analysis on rising and falling markets reveals no evidence of localised price falls.

Whether you are an experienced landlord or a new investor looking to get into property, Acentus Real Estate are here to assist with your property requirements. If you would like more information on the investment property for sale then get in touch with us today. You can call 0151 958 0440 or email enquiries@acentusrealestate.com

 


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