THE UK’s major cities are experiencing a boom in house prices this summer, with new statistics showing property values in key conurbations have risen by 3.5 per cent in the last three months.
Figures from Hometrack show the significant rate of growth across 20 large cities has taken the average price to £210,200. Locations included in its study range from London to Cambridge, Oxford, Aberdeen, Portsmouth, Bristol and Sheffield.
It comes as Zoopla statistics show the UK as a whole has enjoyed a 1.01 per cent increase in house prices in the last quarter, adding more than £3,000 to the value of an average home.
Kevin Shaw, national sales director at property specialist Leaders, says: “Despite the uncertainty of Brexit and the recent general election, these figures show the property market remains incredibly strong and continues to grow at a fast pace.“Half of the major cities included in Hometrack’s reports are seeing house prices grow at a higher rate than they were this time last year, with property values up by 3.9 per cent in Nottingham, 3.8 per cent in Birmingham, 3.5 per cent in Newcastle and Liverpool and 3.5 per cent in Manchester in the last three months alone.“Interestingly, it is larger regional cities that are driving the market with the largest gains, whereas in London growth actually slowed.
This pours cold water on the idea of the capital being responsible for the majority of growth and proves the entire country is performing well.“Low mortgage rates continue to help buyers looking to take their next step and make moving home a more attractive proposition, although there continues to be a lack of supply of housing to fully satisfy demand.”
Hometrack added it does not expect London growth rates – currently 3.3 per cent over the last year and 1.9 per cent in the most recent quarter – to head into negative figures in 2017.
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