Growth over the last 10 years is the equivalent to an annual average of 4.4% every year since 2009
The last UK Cities House Price Index for 2019 by Zoopla and Hometrack has been released, revealing how prices have changed over the last decade.
Average property prices grew by 3.4% in the last 12 months to November across the 20 cities in the index due to price declines this time last year and a return to growth in London (+1.7%).
The rate of growth varied over the last year from a 5.4% increase in Edinburgh to a 0.7% decline in Aberdeen. UK-wide, prices increased by 2.8% during this period.
Zoopla’s final index for 2019 also revealed that prices in the 20 cities have increased by an average of 54% in the decade, equivalent to an average increase of 4.4% every year since 2009.
Across the whole of the UK, however, property prices have increased by an annual average of 3.4% over the last 10 years.
Cities in the South have seen the highest average annual growth between 2009 and 2019, including London (+5.7%), Cambridge (5.3%), Bristol (5.3%), and Oxford (4.6%), with most of the capital’s gains coming from the second half of the decade.
By comparison, Belfast and Aberdeen were the only two cities out of the 20 that saw an average year-on-year decline in the last decade of 0.3% and 0.1% respectively.
Looking ahead to 2020, Zoopla predicts that prices across the UK will rise by an average of 3%, with higher gains expected in more affordable cities and below average growth in the more expensive southern cities including London.
Their forecast is the highest so far for next year compared to other firms, including +2% predicted by Rightmove and 1% by Savills.