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Which UK Cities Have Managed to Shake Off Their Property Hangovers?

It is common knowledge that London has remained a strong residential property market throughout most of the financial crises, due mainly to the continued housing shortage, rising rental prices and large sums of money being pumped into property from overseas buyers. But what about the other large UK cities that had suffered from a mass oversupply of new construction, especially the apartment blocks sold to buy-to-let investors?

In this article we will look at some of the big UK cities to see if the overhang of apartments have been sold or rented now and whether developers are building again. In August 2008, Jones Lang LaSalle reported that the oversupply was at its worst in northern city centres, especially Leeds, Manchester, Liverpool and also Birmingham. Other areas that were oversupplied included Cardiff, Bristol, Ipswich and Norwich. As a result, many planned developments were put on hold (mothballed) because of the downturn in the market and the rising cost of construction materials.

A massive undersupply of homes
However, in the second half of last year reports started emerging of shortages of flats in city centres like Manchester, where there was an overwhelming demand for rental properties and rental prices reportedly rose by around 20% in 2011.

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