UK city house price inflation is registering at +1.7% as price momentum slows across the 20-cities index report. Cautious buyers are negotiating harder on prices as the pace of UK city house price growth moderates.
Glasgow leads on house price growth at +5.1%, which is the lowest growth rate of the best performing UK city since 2012. London is the slowest growing city with growth registering at -0.5%.
The gap between average asking prices to average achieved prices has increased in the first quarter of 2019 in 16 out of 20 cities across the UK, compared to 2018.
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UK city house price growth
House price growth – % yoy current / 12m ago
London house price growth
The annual rate of house price inflation in London equates to -0.5%
Fastest growing cities
Glasgow, Liverpool and Leicester have the fastest house price growth
Slowest growing cities
London, Cambridge and Aberdeen are the cities with the slowest growth
Discounts to asking price increase over 2019 Q1
The graph above compares the average discount from asking prices by city over the whole of 2018 compared to the first quarter of 2019. It shows that outside Scotland eleven cities have discounts that are below the national average of 3.9%.
With the exception of Leicester, these discounts are increasing off a relatively low base and indicate that buyers are not prepared to keep pace with asking price growth. Different market dynamics in Edinburgh and Glasgow mean property sells for more than the asking price but the scale of the premium has declined during this period.
City level summary