An upward price momentum in large regional cities across the UK shows no signs of slowing, according to leading market analysts Hometrack, with Edinburgh recently overtaking Manchester and Birmingham as the city with the fastest growth in house price rises – with a 6.7% price rise.
The annual rate of UK city house price inflation is reported as 4.9% per annum with a quarterly rate of growth at the highest level for 14 months. This trend has been supported by a nationwide increase in housing sales over the last quarter compared to the previous 12 months. Increased sales volume is likely to be a result of households delaying purchases earlier in the year, at the time of the General Election.
Falling unemployment and record low mortgage rates are supporting continued demand for property and, the reality is of course that whatever is happening in the market, people will always need or want to move – whether buying or renting.
To understand what is happening to house prices in your local area, it is always best to speak to your local agent who has expert knowledge of what is happening to both sales and lettings prices, activity levels and a real handle on who’s looking for what kind of property. Hunters branches are run by independent business owners with teams who live, work and breath the local area – so you’ll be in good hands. You can book a valuation with your nearest branch here.
If you don’t have time to invite an agent out to your home, or prefer a valuation on the fly, go to hunters.com for a free, instant online valuation estimate and a full property report. The report, worth £19.95 but available from Hunters free of charge, includes a sales and rental valuation estimate of your home, local results and market trends.
*Source: UK Cities House Price Index – October provided by Hometrack.