Hometrack releases latest UK cities price index

Hometrack has released the UK Cities price index for November showing a price inflation of 6.3%, up from 4.9% a year ago.

The report, available to view here shows the rate of house price growth has accelerated in the last six months with robust demand for housing in regional cities outside southern England.

The fastest growth is being registered in cities which have recorded the weakest growth since 2009.

Housing market across Scotland has picked up over 2017 with Glasgow recording the highest rate of price growth at 7.9% followed by Edinburgh at 7.6%. Leicester and Birmingham also registered growth over 7%. However Aberdeen continues to register price falls with average values down 3.7% over the last 12 months.

Housing turnover has fallen across cities in South England over the last three years including London, Oxford and Cambridge due to record high affordability levels. Hometrack expects levels of turnover to decline further in these cities in 2018.

Looking forward to 2018 Hometrack expect regional cities to deliver above average house price growth in 2018, with London house price inflation expected to remain in low figures during 2018.