The average property price in U.K. cities rose to £254,200 (US$354,127) in March, buoyed by the nation’s regional cities, according to a report Wednesday by Hometrack.
The property data provider analyzed 20 U.K. cities and found that house price inflation was 5.5% in the 12 months to March compared to 3.7% the year previously.
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The report did not break out luxury data.
Prices in cities in Scotland and the North of England delivered some of the highest price increases, with Edinburgh topping the charts with price increases of 8.2% in the 12 months to March. Nottingham and Manchester followed, with price increases of 8% and 7.4% respectively.
Just over half of the 20 cities covered by the index logged higher annual growth than a year ago but only one of them—Oxford— is in the South. The university city registered price increases of 3.9%, up from 2.3% the year previously, according to the report.
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Only two cities—Aberdeen in Scotland, and Cambridge in the East of England—logged price falls, down 6.9% and 1.2% respectively.
In London—where prices have long been bleak—the outlook remains dreary as prices increased just 1.6%, down from 3% the year earlier. But the report remained positive, noting that there are no signs of prices in the capital shifting into negative territory anytime soon.
"Signs of a slight improvement in market conditions in London are not surprising," read the report. "Falls in asking prices over the last two years, especially in central areas of London, together with deeper discounts from asking to achieved prices and greater realism on the part of sellers appear to be supporting sales rates and reducing the downward pressure on prices."