In the UK property market update video for July 2018, Richard Donnell, the Insight Director at Hometrack, discusses current trends in the UK housing market. Topics covered this month include:
1. The variation in price growth across UK cities
The latest Cities Index report from Hometrack shows that UK city house price inflation is at 4.6%. However, there’s a wide variation in house price growth across the 20 cities covered in the index, ranging from +7.6% in Manchester to -2.8% in Aberdeen.
2. Trends in the London market
The three month growth rate in London is increasing as sellers become more realistic about what they can expect from buyers in terms of pricing, therefore discounts from asking to sales prices in the capital are narrowing for the first time in two years. Housing turnover in London has fallen by 20% in the last 3 years, but this is also expected to start to flatten off in the coming months.
3. The gaps between asking and sales prices in various cities
From 2009 onward, the UK property market has shown London outperforming everywhere else; this trend has now reversed, and Northern cities in particular are growing much faster than the capital. Manchester is registering the highest annual growth rate (7.4%) followed by Liverpool (7.2%), Birmingham (6.8%) and Leicester (6.5%).