As uncertainty continues over Brexit and Theresa May prepares to return to Brussels to hammer out a new deal, house price research shows many cities outside London have shrugged off the Brexit blues.
Zoopla says house prices are rising at least twice as fast as the national house price inflation average of 2.7% in six cities.
“As the debate around Brexit intensifies there has been renewed focus on what this means for the housing market,” says Zoopla’s UK Cities House Price Index.
“It is clear from the transactional data that households are continuing to buy property at a steady rate and the impetus for growth in both activity and prices is focused in regional housing markets.”
The six year-on-year house price increase Brexit-busters are:
- Edinburgh: 6.8%
- Liverpool: 6.3%
- Birmingham: 5.9%
- Nottingham: 5.9%
- Cardiff: 5.9%
- Manchester: 5.8%
A further seven cities are seeing growth in excess of the national average:
- Leeds: 5.7%
- Sheffield: 5.4%
- Leicester: 4.6%
- Belfast: 3.8%
- Glasgow: 3.3%
- Newcastle: 3.3%
- Bristol: 3.3%
“The strongest performing cities are outside SE England where affordability remains attractive and employment levels are rising,” says Zoopla’s Research and Insight Director Richard Donnell (below).
“We expect current trends in price growth to continue across the rest of this year, with prices rising in line with earnings for much of the UK but lower growth and some house price falls in London and the South.”
The story south of the border is a very different one. London has now experienced dropping house prices for 12 months in a row although O’Donnell says transactions appear to have stabilised, and house prices in Cambridge are down by 3.8% year-on-year.