Prices in key cities across the UK property market are continuing to head in the right direction, and are now showing some of the best results for a number of years, according to newly released data.
In a study from Hometrack, it was revealed that in the 20 key UK cities, property prices have climbed by as much as 3.5 per cent in the last three months on average. It means that the average price of property across these 20 cities now sits at some £250,200. The 3.5 per cent increase is also the fastest quarterly rise enjoyed by the market at any time since 2014.
Year-on-year, prices are also markedly higher, with prices to June 5.1 per cent higher than they were at the same point last year. However, this is still ever so slightly down on the 5.2 per cent annual growth that was reported at the end of last month.
The best price increases in the past three months have been enjoyed by the larger regional cities around the UK. While London may have faltered, Birmingham and Nottingham have both seen their prices climb by 3.8 per cent in just three months. Similarly, prices in Newcastle have gone up by some 3.5 per cent, while Manchester saw increases averaging out at the 3.3 per cent.
It was also discovered that price rises are largely a common trend across the key cities. Although there were regional differences, and some areas such as London and Cambridge saw slower rises, there were increases on a quarterly basis in all of the key cities aside from Aberdeen and Oxford.
In London, price growth has fallen from 13 per cent a year ago to just two per cent now, and although there is still a chance it will drop into negative growth territory, Hometrack said it expects the capital to perform better than that in the months ahead, keeping above three per cent growth year-on-year.