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City house prices up 3.2% in year to September 2018

Annual city house price inflation moderated to 3.2% in September 2018, down from 3.8% a year ago, according to Hometrack.

The firm said that five cities have seen annual growth in excess of 6%, while two cities registered annual price falls. Within the capital, 54% of London postcodes are registering annual price falls. This is higher than the 45% reported six months ago but lower than in June as more areas start to register monthly price rises.

Liverpool is the fastest growing city with annual inflation at 6.9% followed by Birmingham (6.5%) and Leicester (6.4%). Meanwhile, house prices are falling on an annual basis in two cities, Aberdeen (-4.4%) and London (-0.4%).

Regarding the capital, Hometrack said: ‘Modest price increases continue to be registered in outer areas of London and the surrounding commuter zones where average prices are between £300,000 and £450,000 and affordability is less stretched than in central areas.

‘The re-pricing process in London continues to unfold at differing speeds and against the backdrop of lower turnover. Demand remains weak and as a result we expect prices in London to continue to drift lower over 2019 as prices re-align to what buyers are prepared to pay.’

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