Liverpool Tops UK Cities House Price Inflation
Property prices in key cities in the UK increased by 3.9% in the 12 months to August 2018 with Liverpool topping the list with a year on year to August 2018 inflation at 7.5%
After Liverpool the next biggest annual rise was in Glasgow at 7.2%, followed by Nottingham up 6.9%. The index report says that these cities are among the most affordable and average prices are only just returning to the levels last seen in 2007.
Liverpool is one of only four cities where house prices are still below the high’s recorded in 2007 with values still down 4%. The others are Newcastle which is down 2%, Aberdeen down 4% and Belfast down 41%.
The index also shows that house prices are falling in three cities on economic and affordability pressures with Aberdeen down 3.8% on this basis, London down 0.3% and Cambridge down 0.1%.
Property Demand Increased in Q3 Across UK
Russell Quirk, founder and chief executive of Emoov.co.uk, said: “The numbers this month make welcome reading for home sellers in England, as demand is finally on the up again along with the UK’s as a whole.
“It’s the first time this year that we’ve seen UK demand driven by the English market while London and perhaps more surprisingly, the commuter belt both take a back seat.”
Scotland has seen a slight drop in quarterly demand, but remains up year-on-year. Wales continues the previous upward trend of strong demand both quarterly and annually.
Is Brexit to blame for London slowdown?
National data for housing sales and mortgage approvals for home purchase have remained broadly flat since 2015. The slowdown in sales volumes and house price inflation has been focused on south eastern England, and primarily London.
It can be viewed that the Referendum result was a compounding factor for the slowdown in London house price growth since 2015. The primary drivers were stretched affordability, the impact of lending regulations (loan to income thresholds and affordability testing) and housing related tax changes e.g. stamp duty..
Still Room For Price Growth In Most Affordable Cities
While the income to buy has risen across all but the most expensive cities, it remains at or around the national average income across half of the cities. In our view, these have further scope for price growth and are some of the cities where prices are currently rising fastest.
Acentus Real Estate is a bespoke real estate investing service, led by an experienced team of property experts. We specialise in the acquisition and distribution of residential, mixed use and buy to let properties. We have identified several key developments with apartments for sale in Liverpool that are now available to purchase for buy-to-let or owner occupied.
Get in touch with Acentus today email@example.com and let us know about your investment requirements. We are here to help you find a property that works for you.
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