Revealed: The cities with the greatest growth in house prices
Manchester is the city that has seen the greatest growth in house prices in the UK over the last year, according to Hometrack.
The Northern city has experienced annual house price inflation of 8.4%, taking the current average property price to £155,000.
The annual rate of growth across UK cities has risen to 4.7%, said the property business, while average prices have risen 3.5% in the last quarter.
Large regional cities recorded the highest price increases over the last quarter – Birmingham (3.8%), Nottingham (3.8%), Manchester (3.3%) and Newcastle (3.5%).
However, the annual growth rate in London (3.3%) has hit its lowest point for five years, while Cambridge saw a slowdown in price growth from 13% to 3%.
Hometrack said it believes the slowdown in London has ‘bottomed out’ but admitted that the real growth potential for house prices is currently ‘outside southern England’.
It said the key risks to growth are a ‘negative economic impact from the Brexit negotiations, or an upward shift in mortgage rates’.