The UK city house price inflation is currently running at 2.6%, according to the most recent home track report. This is the lowest annual growth rate of the previous five years. Manchester is a city that is continuing to thrive, up 0.4% over the previous years’ growth.
At 6.6%, Manchester joins Edinburgh as the most lucrative city to invest in. Both offer the joint highest year-on-year growth. However, with an average house price £70,000 lower than the Scottish capital, the same fantastic rates are available for a much lower outlay (£168,900).
Growth in London has completely stopped, with a 0.1% decrease over the last year. The analysts at home track have forecast a further 2% fall in the capital over 2019. The forecast for the UK as a whole is a 2% increase. So, the capital is not the answer in 2019.
Manchester is one of just four cities where growth is higher than at the same time last year, joined by Liverpool, Cardiff, and Edinburgh. Southern cities such as Bristol, Porstmouth, and Bournemouth have registered the greatest slowdown as growth outperformed affordability.
The impact of Brexit on the housing market has, so far, only been minimal, with hometrack’s lead housing indicators suggesting there is ‘no imminent deterioration in the outlook for prices. However, uncertainty about Brexit has been a compounding factor in the slowdown of the London market.’