UK house price inflation was 2.3% in the last 12 months. Edinburgh (5.8%) and Liverpool (5.8%) continue to register well above average growth. Aberdeen remains the weakest growth city with prices 4.8% lower over the last 12 months.
Last month market conditions were weakening in Birmingham. The annual growth rate has slowed noticeably to 3.5% as demand fails to keep pace with rising supply. Other cities with slower growth rate than a year ago include Leicester, Nottingham, Sheffield and Glasgow.
Housing affordability remains attractive in many cities across the UK, pointing to the potential for further price growth over the medium term as long as mortgage rates remain low and the economy continues to grow and create jobs.
House price growth has slowed more recently on weaker activity and increased uncertainty over the near-term outlook. This is likely to build further over the autumn until there is greater clarity over the Brexit process and the implications for the economy.
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