Northern cities drive UK growth as London house prices creep up

Northern cities drive UK growth as London house prices creep up

According to the latest data from Hometrack, a property analyst group, house prices in London have nudged up 1.6% in March 2018.

The group’s UK Cities House Price Index for the month also showed that across the UK in general, house prices are up 5.5%, with it appearing that the country’s urban centres are driving growth.

House prices in Nottingham and Manchester shot up 8% and 7.4% respectively.

Graham Davidson, managing director of Sequre Property Investment said: “Once again, the northern cities are driving house price growth with healthy year-on-year price increases in Manchester, Leeds and Liverpool. Investors who chose these key northern cities for buy to let several years ago will be enjoying a significant amount of capital growth already, but there is still a fair way to go”.

Sheffield, Leeds and Newcastle were other northern cities that recorded sustained price gains over the last year, while Cardiff in Wales also went down the same route. Every city in Britain has seen an uplift in sales, which is a bit higher than it was last year.

In addition, the data from Hometrack showed that the supply of homes for sale has steadily risen, especially in cities where the house price growth is above average.

“Demand remains high, particularly in city centre locations and developers continue to have confidence to plough on with ambitious projects,” said Davidson. “For investors looking for high yields and significant capital growth, now is the time to invest in these key northern cities.”

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