The annual rate of UK city house price inflation is at 3.2%, ranging from +6.9% in Liverpool to -4.4% in Aberdeen.
After Liverpool, the fastest growing cities are Birmingham and Leicester at 6.5% and 6.4% respectively. There are five cities where house price is running at over 6%, more than twice the rate of earnings growth (2.7%), however these prices are rising off a low base and affordability remains attractive.
The two speed housing market is set to continue. House price growth is set to remain above average in the most affordable regional cities, although the prices in London are expected to drift lower as they re-align with what buyers are prepared to pay.
The annual rate of price inflation in London remains at -0.4%
Liverpool, Birmingham and Leicester are registering the fastest house price growth
Aberdeen, Cambridge and London are registering nominal house price falls.
Today, 44% of postcodes across London are registering month on month price falls compared to 70% in December 2017.
This means 56% of postcodes are registering month on month price gains, implying the proportion of markets registering annual price falls will slow further over the rest of the year.
Nigel Lewis looks at the impact of stamp duty, mortgage and capital gains tax changes in the Spring 2021 Budget for estate agents
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As the industry professionalises, what should estate and letting agents be doing to prepare for minimum qualification requirements?
In the last eight years, the growth of first time buyers has outpaced all other buying groups and in 2018 they became the largest buyer group in the UK.