Revealed: The UK’s city hotspots
House price growth across UK cities accelerated in February, according to the latest Hometrack UK Cities House Price Index.
It said that across the UK city house price inflation increased to 11% up from 8.1% a year ago, the highest annual rate of growth for 18 months.
London, Bristol, Oxford and Cambridge all continue to record double digit rates of house price inflation. However, there are early signs that the rate of growth is starting to slow, as affordability pressure starts to bite.
It’s a different picture in Portsmouth, Nottingham and Birmingham, which recorded the highest rate of annual house price growth for over 10 years, while Leeds and Glasgow have seen the highest rate for over eight years.
Richard Donnell, insight director at Hometrack says: “There has been a notable and unseasonal acceleration in city level house price growth in the last three months. 16 of the 20 cities covered by our index are registering an annual rate of house price growth that is higher than 12 months ago.
“As the housing recovery spreads some regional cities are recording their highest growth rates for over a decade. But four cities have seen the rate of growth slow, with Aberdeen and Belfast hardest hit. Belfast in particular has lost momentum where a modest recovery appears to have stalled with house prices still 45% down on their 2007 levels.”