The pace of price growth is beginning to slow across the largest U.K. cities, according to a report Wednesday by Hometrack.
The property data provider analyzed 20 U.K. cities and found that sales prices increased 4.9% in the 12 months to April compared to an average of 4.2% over the last two years but lower than the 6.9% average over the last five. The report did not break out luxury data.
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Regional cities in the Midlands, the North, Scotland and Wales continue to be the strongest performers in the U.K.
Manchester, which saw sales prices rise 7.7% to an average of £161,700 (US$214,516) in the year to April, saw the most price growth. The northern city was followed by Leicester (7.4%), Edinburgh (7.2%) and Liverpool and Cardiff (both 6.8%). Prices in these cities have room for further increases due to "attractive affordability levels and rising employment," Hometrack said in the report.
In the South of England, where price growth was more restrained, Cambridge’s prices remained almost flat at an average of £435,500 (US$577,448), a rise of just 0.1%, according to the report.
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In London, house prices were 0.8% higher than a year ago, reaching an average of £487,600 (US$646,529) though 16 of London’s 46 local authorities are registering negative growth of up to 2.8%, according to the report.
Only one city saw price declines in the year to April. In Scotland’s Aberdeen, prices dropped 7.2% to £173,200 (US$229,702).