The value of property in the main regional cities of the UK are rising faster than those in the Capital, where property growth has slowed to the lowest levels during the last four years.
According to a report produced by Hometrack, the strongest house price growth during January this year, was in Bristol, where prices rose 9.5%. Oxford and Manchester were close behind, with an increase of 9.2% and 8.3% respectively. The report monitors property values in the 20 largest cities in the UK, and London fell to eighth on the list. Annual property price growth fell to its lowest level since 2013, at 6.4%.
The report also indicated that property prices only fell in one city during January 2017, and that was in Aberdeen, where prices fell by 3.7%. Although the remainder of the cities demonstrated an increase in property price growth, it was slightly less than the same month in 2016. House prices are increasing at a faster rate than in London, as affordability levels are still in line with the national average. However, the slower price growth across the UK as a whole, is due to the introduction of new stamp duty regulations, and the Brexit vote.
Although existing home owners will benefit from the rising property prices, increasing equity, it may make it harder for first time buyers to get onto the property ladder. Mortgage advisers spend time on CeMAP training courses, so that they know that they will be able to help first time buyers and others to find their dream home.
