The annual rate of UK city house price inflation is at 3.9%, ranging from +7.5% in Liverpool to -3.9% in Aberdeen.
After Liverpool, Glasgow and Nottingham are the fastest growing cities this month at 7.2% and 6.9% respectively. These cities are among the most affordable and average prices are only just returning to the levels last seen in 2007.
Rising house prices mean the income to buy has grown by 18% since 2015, despite lower mortgage rates. The near-term outlook for city house price growth is closely tied to changing affordability.
The annual rate of price inflation across London is once again in negative territory (-0.3%).
Liverpool is the fastest growing city this month, followed by Glasgow and Nottingham.
Aberdeen, London and Cambridge are registering nominal price falls this month.
To highlight how housing affordability is developing, we have calculated the income required by a typical first-time buyer to purchase an average priced property in 2015 and 2018. While mortgage rates have fallen, the income to buy has increased by an average of 18% and by as much as 24% in Bristol.
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