24 Nov

UK city property set for growth

UK city property set for growth

Properties located in city areas are set to enjoy around ten per cent growth in price, according to a new report.

The latest figures from the Hometrack UK Cities House Price Index shows homes in large regional cities have seen an annual growth of 9.4 per cent despite being located away from the typical prime area of London.

According to the study, prices in Glasgow have increased by 8.3 per cent, seven per cent in Manchester and 5.1 per cent in Liverpool - the highest level reported in these areas since 2007.

"While southern cities have been in recovery mode for over six years with price gains of up to 70 per cent, the large regional cities have seen far more modest price rises over just the last three years," said Richard Donnell, director of research at Hometrack.

He added: "Further house price growth is likely to improve market confidence as it pushes down loan to values on mortgaged homes and creates capacity for households to access cheaper credit."

The data also predicts that prices in some cities may slow in areas that have been enjoying more long-term growth, while "momentum" will pick up in those cities just experiencing the increased demand.

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