Scottish cities top the growth league table this month. Glasgow is the fastest growing city at 7.9%, followed by Edinburgh (7.6%) and both Leicester and Birmingham (>7%). The rate of growth in London is 2.7%.
A year ago, we predicted that UK city house price growth would be 4%. We believe 2018 will follow a similar pattern; growth is projected to be 5%, with regional cities expected to continue to deliver above average house price growth.
The annual rate of price house price growth across London is at 2.7%, due to tightening supply and lower turnover.
Glasgow, Edinburgh, Leicester and Birmingham are the UK’s fastest growing cities this month.
Aberdeen is once again the only UK city in the top 20 list to suffer falls. However, it’s expected to register higher sales over 2018.
The change in city level housing turnover over the last three years has varied widely, reflecting differing strength in demand. Eight regional cities have recorded growth in turnover exceeding 5% per annum over the last three years. At the other end of the spectrum, housing turnover has fallen across cities in south eastern England over the same time period, due to poor levels of affordability pricing many out of the market.