Manchester and Edinburgh house prices rising fastest

Edinburgh and Manchester have the highest rates of growth
Edinburgh has registered the highest rate of growth at 7.1% with average house prices at £225,300

The latest data from Hometrack has revealed that Manchester and Edinburgh continue to register the highest rates of growth in the UK at 7.1% and 7.0%, respectively.

Edinburgh has topped the table with an impressive 7.1% year on year growth to May 2018. Manchester, with a current average house price of just £163,300, came a very close second, registering 7.0% yearly growth.

Overall, UK city house prices increases by 4.6% over the last 12 months ranging from a 7.1% increase in Edinburgh to a -5.7% decline in Aberdeen.Manchester and Edinburgh have highest rate of growth

Prices falling across 20 local authorities in London

As parts of the UK continue to see yearly growth, London house prices are slowing and in as many as 20 local authorities prices are actually falling. Across the whole of London house price was only 0.4% over the last 12 months.

As house prices in regional cities rise and London prices weaken, the gap between London and the rest of the UK is starting to narrow. However, with the average house price in London £491,200, house prices in regional cities would need to rise by as much as 25% to take the price relative to London back to long run, historic benchmarks.

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