The 20-city index is currently registering annual house price inflation of 3.2%. Price growth at a city level is now between a high of +7.7% in Leicester and a low of -2.8% in Aberdeen.
Six cities are registering annual growth of more than 6%, while in London the average prices are falling by -0.4%. Over the last year the rate of growth has slowed the most in cities across southern England.
Our analysis shows that Brexit impact on the housing market has been limited so far. In our view, housing fundamentals such as affordability, tax changes and mortgage regulation are the main factors of the slowdown in London and the Brexit vote has been a compounding factor.
The annual rate of price inflation in London remains at -0.4%
Edinburgh, Leicester and Manchester are registering the fastest house price growth
Aberdeen, Cambridge and London are registering nominal house price falls
The ratio of sales to new supply in London has registered a marked increase since 2016. This trend is also evident in other cities were price growth is weak.
In addition, the number of sales agreed is increasing in other cities, keeping pace with new supply and providing support for above average price inflation.
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