June’s Hometrack report shows a price inflation of +1.7%
UK city house price growth is running at +1.7% as the rate of price inflation continues to slow. Severn cities are registering house price growth of less than +1% per annum – the first time we have seen this since June 2013.
Edinburgh (+5.1%) is registering the highest growth, followed by Liverpool (+4.9%) and Cardiff (+4.7%).
There is a growing polarisation in market conditions across southern England at +2.0%. The remaining six cities are all registering growth between -0.3% and +0.8% as affordability constraints impact demand, resulting in a lower rate of house price inflation.
New supply has grown faster than sales in cities across southern England since 2016 – the start of the slowdown in price of growth.
Underlying market conditions in Birmingham appear to be changing with the ratio increasing over 2019Q2 as the growth in supply expands faster than sales. This suggests a weaker outlook for price growth in Birmingham where the rate of growth has slowed from a recent high of 7.2% in July 2017 to 4.0% (recorded on 30th July 2019).
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