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House Prices: Northern Powerhouse Cities Outperform London

The North/South house price divide is now beginning to shrink, as house price in northern cities accelerates faster than in the capital.

Northern Powerhouse House Prices Increase Faster than London

The North/South house price divide is now beginning to shrink, as house price in northern cities accelerates faster than in the capital.

The UK Cities House Price Index, published by Hometrack, has found that there has been a significant increase in house prices for cities in the North of England and in Scotland, whilst London experienced its lowest quarterly growth since February 2015.


Over the last quarter, house prices in Glasgow have risen by 5.2%, with Oxford and Liverpool the next fastest growing cities, with growth of 4.7% and 4.4% respectively.


Nottingham and Manchester placed jointly fourth, with an increase of 3.4% quarter-on-quarter.


However, the rate of house price growth in London fell to 2.1% over the last quarter, placing the capital level with Birmingham, Aberdeen and Leeds on the index.


The rise of the northern cities towards the top of the index has been driven by larger growth off a lower base price in these locations according to Hometrack. The lower value, higher yielding cities are seeing expanded interest and prices are rising far more quickly as a result.


Commenting on the findings, insight director at Hometrack, Richard Donnell said: ‘[…] northern regional cities will continue to register stable growth rates as households benefit from record low mortgage rates and affordability remains attractive.’

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