28 Feb

Key cities lead UK house growth

Key cities lead UK house growth

A number of key cities in England have helped increase house prices over the past 12 months, according to a new index.

Bristol, Oxford and Manchester have played an important role in the rise in property prices over the past year, although the rate of growth in London has fallen.

The Hometrack index shows prices in cities increase by 6.9 per cent in the 12 months to January 2017. Bristol has seen a 9.5 per cent rise over the year, followed by Oxford with 9.2 per cent, while Manchester’s prices have risen by 8.3 per cent.

In London, the rate of growth was at its lowest level for over three years with a 6.4 per cent rise in values. However, this could be a sign of the market in the capital finally coming in line with the rest of the UK as prices are already 85 per cent higher in the city when compared to 2009.

“In our view there is material upside for house prices in the coming years in many cities where the recovery since 2009 has been limited. This is based on our analysis of previous housing cycles and the recent profile of the recovery in London,” explained the Hometrack report.

“The beneficiaries will be cities where investment in employment, infrastructure and regeneration will help stimulate the local economy. The timing and scale of future house price growth will, of course, depend upon the outlook for jobs, incomes and mortgage rates.”ADNFCR-1222-ID-801832947-ADNFCR

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