Annual house price growth slows down in key cities in UK

sturdy rise in price for livingThe annual rate of house growth in key cities in the UK has started to slow after consecutive months of rising prices. According to Hometrack cities’ report, there are some variations in house prices in large regional cities outside southern England that continue to grow while those in London have seen a market slowdown. Otherwise there are no sign of a coming up slowdown. The index report suggests this is due to reduced demand, affordability pressures, uncertainty impact and demand at the same time as supply has risen. It points out that prices are still well up year on year but the signs are growth will slow further over the coming months.

In the lack of adverse economic trends impacting employment and mortgage rates, the near term position is for a continued slowdown in London and stable growth rates in regional cities as households’ price record low mortgage rates into city house price where affordability remains attractive.

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