The latest Hometrack house price index has revealed that, as prices in the capital slip, Manchester and Birmingham are the two cities that have seen the biggest growth in house prices in the 12 months to August.
- Manchester has seen prices rise by 7.3%, closely followed by Birmingham at 6.7%. Edinburgh has also seen a marked improvement of 6.6% in the past year.
- Meanwhile the headline rate of growth across UK cities is running at 4.9%
- Other cities that have recently enjoyed strong growth such as Cambridge (2.8%) and Oxford (3.8%)
- New analysis accompanying this month’s index reveals that the total value of private housing in the UK’s top 20 cities has passed the £3 trillion mark for the first time. A staggering 66% of that figure or £2.0 trillion is accounted for by the value of London which covers London and its commuter hinterland.
- Birmingham and Manchester the second and third most valuable cities accounting for £152bn (5%) and £132bn (4%) respectively.
- In the past twelve months the overall value of housing in UK cities has grown £89bn.