UK cities house prices rises over 10 pc

help-to-buyUK cities house price rise have hit 10.1% year on year, determined by a constant shortage of homes being put up for sale, and are forecasted to rise by around 7% in the upcoming year, with the transactions 5% lower than last year, according to Hometrack research. London has the fastest growth rate of 13.3% which was 14.7% in last year; the average price has increased by £52,900 over the year. In the meantime, buyers need an average income of £49,700 to afford a home in a UK city which has increased from £45,200 in last year.

Richard Donnell, director of research at Hometrack, says: “The shortage of homes for sale looks set to remain a feature of the market in 2016, which will only be relieved when there is more level of production from home builders and renewing activity by existing mortgage home owners. Questions over the sustainability of house price growth are being raised as house prices accelerate on growing shortage and lower sales volumes, especially in the high growth markets such as London.”

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