Manchester property price growth outstrips rest of UK

Manchester leads the way in terms of UK property price growth over the past year, new figures show.

The latest Hometrack figures reveal that property prices in the northern city rose by 8.4 per cent in the year to July 2017 – outstripping all other UK cities. The average the UK property price has increased by 4.7 per cent in the same period.

In the last quarter alone, property prices in Manchester have risen by 3.5 per cent. However, prices in the city still remain low. The average price of a property in the city is currently just £155,000 according to Hometrack, meaning investors are likely to maintain their interest in Manchester property.

What’s more, Manchester is not the only northern city to have recorded steady property price growth in the past few months. The cities of Birmingham (3.8 per cent), Nottingham (3.8 per cent), and Newcastle (3.5 per cent) have also enjoyed above average price growth in the past quarter.

Quarterly growth in the second quarter of 2017, reached its highest level since the same quarter of 2014

However, London, along with other southern cities where property prices are already high, are seeing a fall in house prices. Over the last year, property prices in London grew by just 3.3 per cent – its lowest point for five years. Meanwhile, Cambridge has seen a slowdown in price growth from 13 per cent to 3 per cent over the past 12 months.

Moreover, Hometrack predicts that house prices across London are forecast to fall for the rest of 2017 whilst property prices in the rest of England and Wales are expected to increase by 2 per cent to 3 per cent. The East of England and the Midlands are expected to see the biggest growth.

In the 20 cities covered by the Hometrack price index, the average price is now £250,000.

 Article published 12th July 2017