Growth in UK cities shows increased confidence in market

Growth in UK cities shows increased confidence in the market

Whilst parts of the country has been slower to recover from the 2008 crash than others, (parts of which has seen mammoth price gains of up to 70% in the past six years) it is clear that increasing confidence in the market, lower mortgage demands and an increasing demand for property has promoted a price hike in certain cities!

Glasgow, Manchester and Liverpool recording their highest rate of house price growth since 2007, with a healthy uplift across much of the UK.

Prices stopped falling in Glasgow three years ago, but the city has seen a huge boost of 8.3% in the past twelve months – this rate of growth has not been seen since August 2007. The average property price in Glasgow is now £110,500.

Manchester has been recovering since 2012, with a 7% raise in the past twelve months contributing to an overall rise of 17% since 2012. You would expect to pay on average around £141,200 for a property here.

Liverpool was previously the poorest performing city when it comes to boosting property prices, but this has all changed in the past 12 months, with prices rising by 5.1%, and the average property now costing around £109,900.

You would expect to pay an average of £146,900 for a property in Leeds, despite a healthy 7% growth over the past year.

The biggest annual price growth was seen in Oxford, with a mammoth growth of 12.8%, with the average home costing £378,000. It is followed in by London (12%) and Cambridge (10.7%).

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