Manchester has the fastest rising property prices in the UK
Manchester has the fastest rising property prices in the UK recording a growth rate of 8.8 per cent. London slipped to tenth place with 5.6 per cent. Manchester had an 8.8 per cent annual price growth on the back of a more than 40 per cent surge in transactions in the last three years; according to the February 2017 Hometrack UK Cities House Price index. Regional Cities mirrored Manchester’s performance; Liverpool saw 6.8 per cent annual growth year to February 2017. Birmingham recording 7.4 per cent growth which is up from 5.5 the previous year. Therefore, the regions all seeing strong growth; on the back of 30 per cent to 40 per cent surges in transaction volumes over the last three years. In the capital, however, house price inflation slowed to 5.6 per cent year-on-year. This is down from 12.8 per cent last year; the number of sales fell by 8 per cent due to weakening investor demand. This is attributed to tight affordability pressures and uncertainty over Brexit.
Houses Prices Still Rising… But slower than last year
Across the UK, city house price inflation is running at 6.4 per cent compared to 7.8 per cent in 2016. The average house price now £246,100. Richard Donnell, insight director at Hometrack, said: “Levels of housing turnover across UK cities are expected to remain broadly flat over 2017. “There is some further upside for sales volume in regional cities but much depends upon how would be buyers respond to external factors, not least the impact of lower real wage growth, the potential for higher mortgage rates and whether demand will be impacted by the triggering of Article 50 at the end of the month. “Buyers are fully aware of the government’s plans and timescales for Brexit. However, there remains huge uncertainty over what this means for the economy over the next two to three years and beyond. “In cities where affordability remains attractive we expect demand to hold up in the short term, albeit with slower growth in sales volumes. Overall we continue to expect the rate of house price growth to moderate over the rest of 2017.” David Copland, director of mortgage services at LSL Financial Services, said: “Liverpool, Birmingham and Manchester are all experiencing exceptional growth; thanks to a booming job market and improved transport links. “More people are therefore moving their attention away from the London property market, especially when looking to secure their first home. “It will be interesting to see if the northern powerhouses continue to grow at this pace once Article 50 is triggered; but with investment continuing to flow, I expect this only to continue.” Click to See our Latest Manchester Launch Click to See our Latest Birmingham Launch
Manchester has the fastest rising property prices in the UK
Manchester has the fastest rising property prices in the UK recording a growth rate of 8.8 per cent. London slipped to tenth place with 5.6 per cent. Manchester had an 8.8 per cent annual price growth on the back of a more than 40 per cent surge in transactions in the last three years; according to the February 2017 Hometrack UK Cities House Price index. Regional Cities mirrored Manchester’s performance; Liverpool saw 6.8 per cent annual growth year to February 2017. Birmingham recording 7.4 per cent growth which is up from 5.5 the previous year. Therefore, the regions all seeing strong growth; on the back of 30 per cent to 40 per cent surges in transaction volumes over the last three years. In the capital, however, house price inflation slowed to 5.6 per cent year-on-year. This is down from 12.8 per cent last year; the number of sales fell by 8 per cent due to weakening investor demand. This is attributed to tight affordability pressures and uncertainty over Brexit.
Houses Prices Still Rising… But slower than last year
Across the UK, city house price inflation is running at 6.4 per cent compared to 7.8 per cent in 2016. The average house price now £246,100. Richard Donnell, insight director at Hometrack, said: “Levels of housing turnover across UK cities are expected to remain broadly flat over 2017. “There is some further upside for sales volume in regional cities but much depends upon how would be buyers respond to external factors, not least the impact of lower real wage growth, the potential for higher mortgage rates and whether demand will be impacted by the triggering of Article 50 at the end of the month. “Buyers are fully aware of the government’s plans and timescales for Brexit. However, there remains huge uncertainty over what this means for the economy over the next two to three years and beyond. “In cities where affordability remains attractive we expect demand to hold up in the short term, albeit with slower growth in sales volumes. Overall we continue to expect the rate of house price growth to moderate over the rest of 2017.” David Copland, director of mortgage services at LSL Financial Services, said: “Liverpool, Birmingham and Manchester are all experiencing exceptional growth; thanks to a booming job market and improved transport links. “More people are therefore moving their attention away from the London property market, especially when looking to secure their first home. “It will be interesting to see if the northern powerhouses continue to grow at this pace once Article 50 is triggered; but with investment continuing to flow, I expect this only to continue.” Click to See our Latest Manchester Launch Click to See our Latest Birmingham Launch
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