Property prices in Birmingham are rising faster than London
02-28-2017
A house prices report said property growth in London is expected to slow towards a 0% "standstill" this year, whereas Birmingham prices will continue to rise.
(Photo: Dominic Lipinski/PA Wire)
House prices in Birmingham are now rising more quickly than the capital, where growth has slowed to the weakest pace in nearly four years.
According to property analysts Hometrack , year-on-year house price growth in Birmingham was running at 7.4% in January, compared to 6.4% in London.
This is the lowest level of increase in London since 2013, and the report predicted that this slowdown will continue to a 0% standstill during 2017.
Birmingham, on the other hand, has seen house prices continue to rise, overtaking London, alongside other large regional cities such as Liverpool and Manchester.
The index, which monitors house prices across the UK's 20 biggest cities, saw Birmingham place fifth. This study gives Birmingham an average house price of £147, 400 for January, which is cheaper than the rest of the top four locations.
Bristol remains the city with the strongest house price growth, with an annual increase of 9.5% in January.
Oxford comes in second, with a 9.2% annual house price rise and Manchester, where values have increased by 8.3% year-on-year, is in third place.
London was placed eighth, behind cities including Southampton and Bournemouth.
Aberdeen is the only city on the list where house prices have fallen over the last year, recording a 3.7% decline.
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Richard Donnell, insight director at Hometrack, said: "Growth in London has been superseded by large regional cities such as Manchester, Liverpool and Birmingham."
"When you consider that house prices in London are 85% higher than they were in 2009 it is not surprising that the pace of increases is slowing toward a standstill as very high house price increases mean affordability is stretched."