UK City HPI +2.4% yoy

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UK city house price growth increases to +2.4%, a positive incline month on month however when we look at house prices over a wider range of time, house price growth is slowing — it’s at half the growth rate of the 5 year average of 4.8%.

The polarisation between the cities registering the fastest and slowest rates of growth increases even further this month with Leicester holding onto the top spot with +4.5% growth and Aberdeen continuing to feel the strain of weak market conditions at -5.5%.

Fastest growing cities

Leicester, Manchester and Liverpool are registering the fastest house price growth.

Leicester 4.5%

Manchester 4.4%

Liverpool 4.3%

House price falls

Leicester, Manchester and Liverpool are registering the fastest house price growth.

London 0.1%

Oxford 0.9%

Aberdeen 5.5%

Time to sell extends by 4 weeks

A UK property owner today should expect their property to take on average 3 months to sell, a substantial increase from the 8 week UK average of 2016. The variance between regions is extensive — the Midlands and the north of England boast the shortest time to sell of 8 - 9 weeks and a relatively low discount to asking price of 2 - 3%.

Cities with weaker market conditions such as Oxford and Aberdeen are having to double the discount that they offer to achieve a sale and are taking over 3 months to be classed as ‘under offer’. The graph below provides a fresh snapshot of both time to sell and discount to asking price by city; use this to guide and shape the expectations of your clients.

“There is a continued polarisation in housing market conditions across the country set by underlying market fundamentals.

Within this, there are large parts of the country where housing affordability remains attractive, fuelled by continued economic growth that supports demand for homes, resulting in reasonable sales periods and only modest discounts to achieve a sale.”

Richard Donnell - Zoopla Insights and Research Director