Hometrack are the real deal – their desk-top valuation algorithm is used by 80% of lenders (note that the number of lenders who use it, not the number of valuations they use it for) so they need to be pretty good at collecting the data.
- UK city house price inflation at 5.3%, down from 7.4% in July 2016.
- Birmingham is the fastest growing city (8.0%) followed by Manchester (7.1%) and Nottingham (6.9%). Aberdeen price growth negative for exactly 2 years, house prices are 16% lower since 2014.
- The steep slowdown in London house price inflation has bottomed out with an increase in the annual rate of growth to 2.8%. Small price gains are being recorded against the backdrop of lower turnover.
To read the whole report please click here, It’s well work a read.
One thing that strikes me when looking at the figures for individual cities is how pronounced the north/south divide is still. Quite a few northern cities are still below the 2007 peak, including Newcastle where I have quite a few properties, but by comparison Newcastle is doing quite well at just minus 4%!