Which UK Cities experienced the strongest growth in the last year?admin
Property values in The UK’s major cities saw a rise of 2.1% in the year to May 2019. The UK property market is often considered to have many different markets within one, such is the variation of performance from one city to the next. While prices rose by 2.1% on average, there is a great deviation across different cities, with prices in Liverpool rising by 5% and those in Aberdeen falling by 4%.
Latest figures from Zoopla cities Index suggests that affordability has been a key factor causing prices to fall in London, and growth has slowed for the same reason across Southern England.
Liverpool property prices led the way with an increase of 5%, while strong growth was also demonstrated in Belfast (4.6%), Manchester (4.3%), Edinburgh, Birmingham & Glasgow (all 4%).
Other cities whose values fell were relatively minor in comparison to Aberdeen. Cambridge saw a 0.5% drop, with London experienced a drop of just 0.4% and slow growth in Oxford and Portsmouth of 0.5%.
According to the report, first time buyers contribute to the most sales with 36%, and the average gross household annual income required to buy a typical home is £54,400, up 9% in the last three years. Once again, this demonstrates the reliance on renting and provides a boost to landlords and buy to let investors indicating that the demand for rental properties should continue to rise.
The falling prices in the UK’s three most expensive cities has led to a fall of 5% in the required income, however, required income to purchase in cities such as Manchester has increased by as much as 19%.