City level house price growth at 6.9% yr on yr says Hometrack
The Hometrack UK Cities House Price Index report January 2017 released today.
They state: City level house price growth 6.9% year on year down on 7.9% recorded in January 2016. London has dropped to eighth in city rankings, registering the lowest rate of growth at 6.4% and is running at its lowest level for 4 years and set to slow further.
It is the view of Hometrack there is material upside for house prices in the coming years in large regional cities outside London, where the recovery since 2009 has been limited. They base this on their analysis of previous housing cycles and the recent profile of the recovery in London. They mention that the beneficiaries will be cities where investment in employment, infrastructure and regeneration will help stimulate the local economy. The timing and scale of future house price growth will, of course, depend upon the outlook for jobs, incomes and mortgage rates.
Read the Hometrack UK Cities House Price Index report January 2017 in full click here.