Growth in property values in London is lagging behind that of regional cities
Analysing housing trends across 20 UK cities, the newest research by Hometrack shows an average of 6.1% increase in house price inflation in October– the greatest growth seen since September 2016.
According to the market experts, the value of homes in regional cities is rising faster than London, as affordability levels in these areas remain attractive and unemployment continues to fall.
Topping price inflation over the month was Manchester, in the North West, with prices in the area increasing by 7.9% year-on-year to an average of
In the ranking table, Manchester was closely followed by Birmingham and Leicester, both in the Midlands, recording a property price inflation of 6.2% and 6.1% respectively compared to a year earlier.
Conversely, decreases in house price growth were seen only in Oxford and Aberdeen, with values dropping by 0.6% and 3.1% respectively in these cities.
Whilst not at the bottom, London registered an annual house price increase of just 3.0% with the average home in the capital now priced at nearly half a million, or
Earlier this week, the latest analysis by Your Move showed robust rental growth in the East of England in the year to October, and yields remaining the strongest in the North.