The month of October 2019 has highlighted the UK’s ongoing house price inflation as higher prices are becoming increasingly prevalent in the capital and the South.
This could be due to the rising of demand and attractive affordability which is supported by the lower mortgage rates.
After a period of modest drops in London’s house prices, there is now an obvious rise being recorded in England’s capital in terms of house price.
Taking a closer look at the increase seen across the large regional cities, the average values have grown by up to 15% since the start of 2017.
In addition to this, the cumulative growth in house prices across big cities has been over 15% in Edinburgh, Leicester, Manchester and Birmingham.
A proportion of 23% of London markets experiencing monthly price falls has reached the lowest level for more than 2 years as a result of increased sales and realistic asking prices.
On the other hand, London, Oxford and Cambridge have seen a less impressive growth with year on year price falls across 2018. The weak progression in house prices has brought a 25% drop in sales due to a lack of demand in the market.
On average, the headline rate of the UK city house has increase by over 2.9%, currently standing between a range of over +4.7% and -5.5% in Leicester and Aberdeen, respectively.
After the festive season closes, and towards the end of March, the demand will take-off with an increase in housing market activity.
The short-term political impact has accelerated the traditional end-of-year slow-down as data has shown that November and December account for a tenth of buyer demand.
Despite the ongoing political uncertainty, industry experts urge that anyone who is looking to purchase a home should continue as usual.
What are your thoughts on house prices in UK cities over the next few years, will it continue as it is or are there big changes ahead?