Hometrack 65 City Index makes interesting reading

The latest Hometrack 65 City House Price Index for May makes interesting reading. The top two cities for house price growth year on Year are Northampton and Southend (9.4% & 7.8%) with Birmingham and Warrington Close behind (both 7.7%).

At the bottom of the Table are Aberdeen (-4.9%) and Sunderland (0.4%). The index shows positive growth across much of the UK but with 3 cities Aberdeen, Oxford and Derby showing declines in values in the last 3 months. Clearly Aberdeen is being hit by the continuing low price of oil and a slow-down in oil related employment.

Other Scottish cities, Edinburgh, Glasgow and Dundee are all faring better but Glasgow and (sorry) Aberdeen and another 22 English cities and Belfast have property values lower  are lower than their 2007 peak.

One can, of course argue that low prices are good for local affordability; one can certainly argue that rampant house price inflation does no buyer any favours so the last year where the majority of cities saw house prices positive growth but at less than 5% is probably good news.

You can find the Hometrack table here