The UK City house price inflation reached 4.2 per cent in July this year, according to the latest UK Cities House Price Index from Hometrack. This is in line with the average growth witnessed over the last two years.
It has been 10 years since the financial crisis impacted the UK housing sector and city level house price growth has varied widely. The latest index shows that Nottingham and Leicester are the fastest growing cities, with London continuing to remain steady.
Nine cities in the UK are witnessing growth of 5 per cent and above. Nottingham is leading the list with 7.5 per cent house price inflation while Leicester is second at 6.6 per cent followed by Liverpool at 6.3 per cent. Other cities witnessing house price growth are Manchester (6.1 per cent); Birmingham and Leeds (5.7 per cent); Edinburgh (5.6 per cent); Bournemouth (5.4 per cent) and Cardiff (5.1 per cent).
The average house price in Nottingham in July was £152,000, but it was way below the London house price (£483,800), which was still the highest for any UK city. The capital’s house prices have gone up by 65 per cent since the financial crisis (2008) and London continues to remain the top residential property market for investors.
10 years on from the financial crisis city level house price growth has varied widely – four cities have prices >50% higher than in 2008