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Cambridge home to fastest house price rises

Adam Williams
Written By:
Adam Williams
Posted:
Updated:
21/08/2015

The commuter and university town of Cambridge is home to the fastest rising house prices in the UK.

Data from property analysts Hometrack found that the average house price in Cambridge had increased by 10.9% in the last year, more than any other major city.

This growth outstripped Oxford (9.8% rise), London (9.4%) and Bristol (8.6%).

Across the 20 major UK cities surveyed the average price growth in the last year was 8.5%. This was higher than the 7.2% recorded by the last survey in April.

Only Aberdeen saw prices fall in the last 12 months. Property values in the Scottish oil capital fell by 0.7% in this period.

House sales have grown 32% since April and many areas outside southern England are witnessing growth.

However, properties in Belfast, Birmingham, Edinburgh, Glasgow, Leeds, Liverpool, Manchester, Newcastle and Sheffield are all still behind 2007 levels. Belfast has been home to the most pronounced falls, with property prices in the Northern Irish capital still 47.6% down on their peak.

“Low mortgage rates, economic growth and rising earnings will continue to stimulate demand and put an upward push on house prices across most cities,” Hometrack said.

“As an international city, London is out on its own setting new highs for prices and (un)affordability. How long this can be sustained is down to the prospects for the different segments of demand, specifically international buyers, domestic investors and domestic home owners. Overall we expect city level house price inflation to remain on course to end the year at 10% year on year.”