Hometrack has released its UK Cities House Price Index for September showing the rate of house price growth across UK Cities continuing to moderate. The 20-city index is registering an annual rate of house price inflation of 3.2%, down from 3.8% a year ago.
Liverpool has been revealed as the fastest growing city, with annual inflation at 6.9%, followed by Birmingham (6.5%) and Leicester (6.5%). There are a total of five cities where house price inflation is running at over 6%, more than twice the rate of earnings growth (2.7%) as prices rise off a low base and affordability remains attractive.
House prices are falling on an annual basis in Aberdeen (-4.4%) and London (-0.4%). London has attracted significant focus as a market experiencing the greatest downward pressure on house prices. The annual rate of growth in London has been negative for the last seven months, largely due to quarterly price falls in the six months to January 2918.
A full copy of the report is available to view here