Nottingham and Leicester currently have the best performing property markets, from the 20 largest cities in the UK, according to the latest (July 2018) UK Cities House Price Index from Hometrack.
The report states: “10 years on from the financial crisis city level house price growth has varied widely – three cities have prices below the levels of a decade ago, while four cities have prices more than 50% higher compared with 2008. The UK city House Price Index (HPI) has seen price growth moderate to 4.2% year on year ranging from +7.5% to -4.0%.
Flat prices in London and slower growth across large regional cities weighed down the overall UK average. Weaker market sentiment and affordability pressures in southern England are also said to be limiting the willingness of buyers to bid up the cost of housing.
Nottingham the fastest growing city
Nottingham and Leicester are currently registering the fastest growth of 7.5% to £152,000 and 6.6% as prices increase off a low base. Birmingham and Manchester have dropped out of the top 3 fastest growing cities, although the rate of growth at 5.7% and 6.1% respectively is still above average.
London slips into negative annual growth
The annual rate of price inflation across London has slipped into negative territory (-0.1%), although prices are 1.2% higher over the last quarter, continuing the trend over recent months for small month on month price gains on greatly reduced volumes.