TOWN AND CITY TRACKER: Just four areas now recording property price falls
Compared to last month, the number of locations reporting property price falls has halved, with Portsmouth appearing in both data sources, writes Kate Faulkner.
Of our 30 cities, we are seeing eight that are still recording falls, according to the Land Registry, whereas a slightly more updated picture from Zoopla shows four towns, with both data sets including both Portsmouth and Peterborough.
Long term city property price performance vs inflation
Out of the 30 cities we track via the Land Registry, since 2005, property prices have only risen above the average annual 3.8% inflation rate in seven cities/towns. These are:
– Manchester
– Bristol
– London
– Cambridge
– Brighton and Hove
– Oxford
– Edinburgh
The remaining towns and cities we track show that property prices, in many areas, have risen at less than inflation.
The following towns and cities’ price growth ‘on average’ are performing below inflation:
– Newcastle upon Tyne
– Aberdeen
– Belfast
– Southampton
– Liverpool
Appendix: City/town property indices price tracking
For city/town tracking, we use Land Registry (government data) and Zoopla/Hometrack. The Land Registry data is useful because we can analyse how property prices have changed over time and this helps us to put today’s price information into context.
The Zoopla/Hometrack data is useful as they take into account the change in mix of property transactions during the pandemic to houses away from flats. This has meant the likes of the Land Registry and other indices have over exaggerated price changes year on year.