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|
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.
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