UK city house prices rose 2.9% over the 12 months to January 2019. Prices are rising fastest in Leicester (6.0%) followed by Belfast (5.8%) and Manchester (5.4%). Prices continue to fall in Aberdeen (-1.6%), London house price inflation is virtually flat at +0.2%.
Thirteen cities are registering weaker growth than a year ago as a result of affordability pressures and increased uncertainty. The sharpest slowdown in the rate of growth has been registered in Edinburgh (3.0%) , Bournemouth (2.3%), Portsmouth (1.8%) and Bristol (1.8%).
The weakest housing markets have the longest sales periods and the largest discounts – currently Aberdeen and Inner London where discounts to asking price average 7% and the time to sell is 16 weeks. Nottingham has the strongest market indicators with an average asking price discount of just 2% and less than 8 weeks to achieve a sale. House price growth is holding steady at 4.6%.
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