28 Mar

Manchester becomes top property hotspot

Manchester becomes top property hotspot

Manchester is leading the way when it comes to annual property value increases, reveals new figures.

The latest city house price index from Hometrack showed the northern city saw annual growth of 8.8 per cent in the 12 months to February 2017.

With property prices in key cities increasing by 6.4 per cent over the past year, it would appear the slowdown in London is continuing.

London’s annual growth was 5.6 per cent for the year, meaning it is now only tenth in the list of the country’s top fastest growing cities.

As well as Manchester, there is strong activity in Portsmouth, Bristol, Glasgow, Birmingham, Leicester and Bournemouth. Aberdeen was the only city that has seen prices fall, with a 5.9 per cent decline over the past 12 months.

“We expect sales volumes to fall by around five per cent in the highest value cities over 2017, as the market and pricing levels start to adjust to price sensitive and affordability constrained demand,” explained Hometrack’s report.

“We expect slower growth in volumes in regional cities where there remains continued upside for market activity and house prices on more attractive affordability.”ADNFCR-1222-ID-801834001-ADNFCR

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