Annual house price growth across the UK’s ‘Big Six’ regional cities has remained consistent despite the challenges posed by higher interest and mortgage rates, according to research from JLL. 

The ‘Big Six’ report, which tracks residential development activity, prices and rents across Manchester, Birmingham, Leeds, Bristol, Edinburgh and Glasgow, revealed that annual sales values have grown by 1.9% over the past year.  

However, the research also highlighted a shift in buyer preferences towards more affordable markets, with Glasgow and Leeds experiencing the highest annual growth. Demand for rental properties across the six cities has also remained robust, driven by young professionals seeking the lifestyle benefits of city centre living.  

Even so, JLL’s research shows the rental market has become more balanced this year, with annual growth, which had soared to double-digit highs in H1 2023, now moderated to an average of 6.6% across the ‘Big Six’ cities.  

This, combined with higher debt costs and resulting viability challenges contributed to the slowdown of investment in Build to Rent (BTR) down 77% from 2023 to £217m. Only Manchester (with Salford) and Leeds have secured capital so far this year with Leeds the most active of the six cities.