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In our continuous bid to keep all of the investors and consultants at the forefront of the UK market we bring you

BREAKING NEWS from the UK Property Market

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Article:           “UK regional cities see prices surge, led by Liverpool and Bristol”

Published:       Tuesday, June 28th 2016

Source:           PROPERTY WIRE

 

Regional cities in the UK, led by Liverpool and Bristol, have seen house prices surge, helped by rising number of investor buyers, the latest cities index shows.

The 20 city index from Hometrack shows that overall prices have increased by 4.4% quarter on quarter and 11.2% year on year, taking the average price to £237,500.

Liverpool has seen the highest growth in the last quarter and Bristol has the fastest annual growth rate. Prices in Liverpool were up 5.4% quarter on quarter and 6.5% year on year while in Bristol they increased 4.2% quarter on quarter and 14.1% year on year.

Quarter on quarter the prices growth has been led by Edinburgh, Belfast and Aberdeen with a rise of 19%, 16% and 12% respectively while Aberdeen, which has been affected by the fall in oil prices is the only city in the index to have seen prices fall, down 4% quarter on quarter and 9.6% year on year.

But there is likely to be some affect from the referendum result that the UK should leave the European Union and the Hometrack index report says that it will impact turnover far more than house prices in near term although it predicts a rapid deceleration of house price growth across all cities in the second half of 2016.

‘The city level impact is hard to gauge but we expect the immediate impact to be felt in London where affordability levels are stretched and the market was already facing headwinds,’ it explained.

Overall, the report says that price inflation continued to increase in May, building on a strong first quarter and the surge of investor demand ahead of the stamp duty change for additional homes that came into force in April. Year on year growth is running at 11.2% compared to 6.2% twelve months ago.

However, Hometrack does not expect house price falls as the greatest impact will be on market activity. ‘House price falls would require forced sellers, driven by higher mortgage rates and/or rising unemployment. While short term turmoil in financial markets will impact market sentiment, it is too early to say how the vote to leave will impact the real economy,’ the report explains.

It also points out that the fundamentals of the housing market remain unchanged with record low mortgage rates and a wide imbalance between supply and demand. ‘The UK doesn’t have a problem with housing demand, the more important question is how many buyers and sellers feel confident to participate in the market in the near term,’ it says.


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