West Midlands city joined by Salford and Leicester, whilst Glasgow and Edinburgh are the UK's top hotspots
Scotland’s two largest cities have been named as the top property hotspots of 2018.
Online agency HouseSimple found that house prices grew in Glasgow and Edinburgh by 9.1% and 9% respectively in the year, higher than any other city in the UK.
Their findings come from analysing Land Registry data, which also revealed Newport, in the south-west of Wales, came third with an average growth of 8.6% in the year, which experienced a boom following the announcement at the end of 2017 that the Severn Bridge tolls would be scrapped.
The West Midlands city of Wolverhampton had the highest price growth in England with an average of 7.9%, closely followed by Salford, near Manchester in the North West, and Leicester, in the East Midlands, both with 7.4%.
This compares to an average increase in property prices of 3.6% across the UK. By comparison, the UK’s worst region for house price change was Watford, in the East of England, which registered a 9% decline in prices since the beginning of the year.
“There’s been a great deal of focus on the housing market cooling off in recent months,” said Sam Mitchell, CEO of HouseSimple, “but it might surprise some people to know that our research shows that average house prices are actually higher than they were at the start of the year in more than 80% of major UK towns and cities.
“While low stock levels rather than a healthy level of transactions will be cited as the reason that house prices remain at the level they are, that would be doing a disservice to a property market that has proved impressively robust in the face of some pretty strong economic headwinds this year.”
According to Home.co.uk, an oversupply of property is hampering price growth in certain regions of the country, especially the East of England.