The latest (March 2018) UK Cities House Price Index by Hometrack has revealed that house prices are increasing annually by 5.5%, up from 3.7% a year ago.
The Index, which looks at the 20 largest cities in the UK, revealed that property price growth currently ranges from 8.1% in Edinburgh, to -6.6% in Aberdeen. However, Cambridge was the only other city on the 20 city index with annual price falls (-1.2%). This means that, when looking at the annual price growth rate a year ago (the 12 months to March 2017), Cambridge property prices are slightly lower today than they were two years ago.
By far the worst performing property market on the Index though has been Aberdeen, with prices down by 13.2% over the past two years. When looking at the average property price in Aberdeen, this is the equivalent of around £24,000, or £1,000 per month. Central London is the only other city to have had falling property prices for the past two years, and property prices in Kensington & Chelsea are down by 4.6% over the past two years, the equivalent of £60,000, or £2,500 per month.
However, Hometrack reports that there are signs that the downward pressure on prices in London is easing and sales turnover looks set to stabilise in 2018 having fallen by almost 20% since 2014.