Manchester has seen the highest average house price increase of all the UK’s biggest cities over the past year, topping lowly London which took 10th place.
According to research published by Hometrack, Manchester saw a year-on-year price increase of 8.8% from February 2016, compared to only 5.6% in the capital. Other high scorers included Portsmouth, which enjoyed an 8.1% increase, and Bristol, where prices increased by 8%.
So, does this mean that the property market is faltering in London? Not exactly: Hometrack’s data is based on averages across each of the UK’s biggest cities, and while London’s overall average may be low, the price increases in certain boroughs could easily fill the top end of the table on their own.
However, London’s figures may still be cause for concern. According to the Feb 2016 figures, London would have topped the list last year with a 12.6% increase, yet in the last 12 months many of its rival cities experienced much more prosperous growth.
Not that London is the only loser on the list; Southampton also saw an annual decrease in its growth figures, with prices rising by only 6% compared to 7.8% last year, as did Bournemouth, were prices rose by 6.2% this year compared to 8% in 2016.
Certain cities saw a much more significant increase in their property prices than Manchester. Liverpool’s figures more than quadrupled from 1.6% in 2016 to 6.8% this year. Meanwhile, Glasgow’s figures shot from 1.2% to 7.7%.
There is certainly a great degree of uncertainty surrounding the current property market. Last month, Communities Secretary Sajid Javid admitted that the market was “broken”, admitting that increasing numbers of renters were kept from stepping onto the property ladder by rocketing prices.
"Buyers are fully aware of the government's plans and timescales for Brexit but there remains huge uncertainty over what this means for the economy over the next two to three years and beyond,” said Richard Donnell, Insight Director for Hometrack.
"In cities where affordability remains attractive we expect demand to hold up in the short term albeit with slower growth in sales volumes."