Here are Cities that Have Floored London in House Price Inflation
Not many know house prices across Britain especially in five major cities have continued to grow faster than the property market in London. Essentially, prices of properties in Birmingham, Bristol, Southampton, Glasgow and Edinburgh continue to increase at the fastest pace in contrast with London, three or so months to the end of 2014. As the prices of property in London was growing by 0.5% in the last quarter of 2014, a shared growth rate with Belfast, Portsmouth and Manchester, such cities as Edinburgh were way up ahead of the capital after registering an increase of 1.8% within the same time.
House prices in Southampton and Glasgow also rose faster than those of the capital at 0.9% while Birmingham and Bristol recorded an increase of 0.6%. London properties continues to be most lucrative and expensive across the United Kingdom, averaged at £403,200 while the prices were higher by 30.5% in contrast with the 2007 peak as Oxford and Cambridge followed closely, where property price inflation stood at 22% and 29% respectively.
Average London property has also become very expensive by £57,000 over the entire 2014, essentially the biggest UK increase and reported as twice the average income in the UK. In these cities and also in London, it is also evident they are showing the fastest fall of rates in property price growth a couple of months before the end of 2014. This is despite the fact that the total average prices in the UK have increased by 8.9% in 2014 to about £185,900.
Previous high growth UK cities of Aberdeen and Cambridge have registered the swiftest slowdown where the decline in terms of prices stood at 0.2% for Cambridge and 0.4% for Aberdeen. The capital slowdown is expected to cause a drag on the house price rate growth around the United Kingdom in 2015.
House prices growth rate is losing momentum in most cities across Southern England with the other parts of the country showing modest appreciation. Cities in Scotland, especially Glasgow and Edinburgh have registered the swiftest inflation of house price within the last quarter of 2014 as the demand returned in the market after the referendum. In Edinburgh, the value of property is averaged at about £196,900 with homes across Glasgow put at £110,300 while that of Southampton in November 2014 was put at £192,300.
Most London postcodes, about 20 percent of them, have seen their prices falling in 2014’s last quarter as observed by analysts. This means people should expect to see modest fall of prices going into the future as the property prices try to realign to the amount buyers can pay. Demand fluctuations can also affect the prices as has been evident in the last one year and six months, which can be rise in house prices or reduced property prices depending wholly on demand on the ground.
Across 2014 Liverpool was one of the few cities that recorded a very low increase in property value with a small rise of about £3,000 to take the average price of houses to about £107,000. Birmingham registered an average house price of £134,300 and £218,600 in Bristol.