Hometrack UK Cities House Price Index February 2016 , reports unseasonal acceleration in house price growth across UK cities in last three months
February saw a notable and unseasonal acceleration in house price growth across UK cities according to the latest Hometrack UK Cities House Price Index.
Overall city level house price inflation increased to 11.0 per cent up from 8.1 per cent a year ago, the highest annual rate of growth for almost 18 months.
Portsmouth, Nottingham and Birmingham recorded the highest rate of annual house price growth for over 10 years while Leeds and Glasgow have seen the highest rate for over eight years.
All these cities have experienced sustained house price inflation since 2013 largely due to the improving economic conditions, rising earnings and employment levels with affordability boosted by low mortgage rates.
London, Bristol, Oxford and Cambridge all continue to record double digit rates of house price inflation. However, there are early signs that the rate of growth is starting to slow.
All these cities recorded a small drop in the headline rate of growth over February as affordability and sentiment factors start to impact pricing levels.
In fact, a closer analysis of the 46 local authorities that cover the London City area shows the average growth rate in the last quarter is approaching half the rate recorded over the last 12 months.
Richard Donnell, Insight Director at Hometrack says:
“There has been a notable and unseasonal acceleration in city level house price growth in the last three months. 16 of the 20 cities covered by our index are registering an annual rate of house price growth that is higher than 12 months ago. As the housing recovery spreads some regional cities are recording their highest growth rates for over a decade.
Four cities have seen the rate of growth slow, with Aberdeen and Belfast hardest hit. Belfast in particular has lost momentum where a modest recovery appears to have stalled with house prices still 45 per cent down on their 2007 levels.
“While there is a lot of focus on the impact of investors buying ahead of the April stamp duty deadline the vast majority of demand for housing comes from existing homeowners who account for 80 per cent of sales.
The pick-up in growth across the UK cities has more to do with a lack of supply and increased demand on the back of the improving economic outlook and low mortgage rates.
“Our latest index results show that there are early signs of a slowdown in the double digit growth cities of London, Oxford, Cambridge and Bristol as affordability pressures constrain demand, buyers become increasingly price sensitive.
Policy changes affecting investors will bite harder over the course of the year impacting volumes and the level of price appreciation."
- City level house price inflation increased to 11.0% - the highest rate for 18 months.
- There are 5 regional cities where the recent pick-up in growth has been strongest – the current rate of growth is the highest for up to 11 years.
- The four double digit, high growth cities all recorded a small drop in the headline rate of growth.
February saw a notable and unseasonal acceleration in house price growth across UK cities according to the latest Hometrack UK Cities House Price Index. Overall city level house price inflation increased to 11.0% up from 8.1% a year ago, the highest annual rate of growth for almost 18 months.
City house price growth ticks higher again
City level house price inflation increased to 11.0% in February, up from 8.1% a year ago and the highest annual rate of growth for almost 18 months.
Table 1- UK 20 city index summary, February 2016
Source: Hometrack House Price Indices
Unseasonally strong growth
There has been a notable and unseasonal acceleration in house price growth in the last three months across most large regional cities thanks, in part, to a temporary increase in demand from those looking to beat the stamp duty increase for second homes from April onwards.
Not all down to investor rush
Increased demand from existing home owners in cities where the economic recovery has been less pronounced is an important underlying theme given that the majority of housing sales (80%) continue be driven by home owners.
Fig. 1 - 20 cities index %yoy and %mom
Source: Hometrack House Price Indices
City Level Summary, February 2016
Growth rate higher in 16 of the 20 cities
16 of the 20 cities covered by the index have registered an increase in the annual rate of house price growth increase in the last year. Some regional cities are recording their highest growth rates for over a decade as the recovery in house prices gains momentum. Four cities have seen the rate of growth slow with the greatest slowdown in Aberdeen and a loss of momentum in Belfast where a modest recovery appears to have stalled with house prices still 45% down on their 2007 levels.
Five regional cities stand out for pick up in growth
Five cities stand out based on a material increase I the rate of house price growth in the last year. These are led by Portsmouth and Leeds where house prices are rising much faster than earnings at between 8% and 9% per annum – see table 2.
Table 2- Top 5 recovery citiesGuests staying with AirBnB for the super bowl top 15,000
Airbnb Sharing Economy Marks 4M UK Guests by Hosting, UK Gov Business Secretary
Formula One star Eddie Irvine lists his Irish home on Airbnb
Online estate agents, expecting sales bonaza, as sellers shun costly high street rivals
Hospitality On the Go; Airbnb Messaging Comes to Apple Watch
UrPad Online new Hybrid online estate agent for Wales ,rolled out by Property Industry Experts,Caerphilly
easyProperty a 20 20 vision Yahoo Google Bing , Zoopla, Rightmove, Facebook ,twitter
online estate agent settled.co.uk takes on high street receiving more funding
Former Cricket Team Aces Join the Online EstateAgent business model thehomecloud.co.uk
Tepilo.com online real estateagent sees 400% increase in turnover with £10m target set for 2016
Barclay Brothers son's YOPA , expanding into the Midlands
Upestates Online estate agency & will be expanding with 7 new offices in Birmingham Leicester & Nottingham
coca cola tango free fall on Osbornes sugar tax & How Jamie Oliver made the big boys listen
New UK Property App Development Service For Estate Agents launched by iDevelopers
PurpleBricks change marketing strategy
shock horror Hang on ,,,Why Land Registry Privitisation, is a good thing & long over due
easyProperty a 20 20 vision Yahoo Google Bing , Zoopla, Rightmove, Facebook ,twitter
Canada’s House Price Dilemma >Monetary Policy and Financial Stability
Zac GoldSmith > Launches Housing Manifesto > off plan mortgages high street lenders, government & 6 London Local Authority pension funds
Purplebricks - And the teams just keep on growing! - online hybrid estate agent @onthemarketblog
Housing Minister Brandon Lewis' speech outlines the government's housing aims including its intention to deliver 1 million homes by 2021
Global demand for prefabricated housing is forecast to increase 2.7% per annum through 2019 to 3.4 million units
David Bowie, Beautiful, Romantic Mustique ,stunning , Caribbean Villa designed by Arne Hasselqvist
UK house prices increased by 7.9% in the year to January 2016, up from 6.7% in the year to December 2015.
Average British home price, tips over 300,000 pounds @onthemarketblog
Running Costs - Zoopla tool, Phil Spencer explains, Dan the Detective Zoopla new TV advert
Shelter launch Great Home Debate ,Ellie Goulding shows her support on twitter social media UK
current account deficit has partial defence against shock says BoE's Forbes
propertyeye.net a new property , residential homes website, for sales and lettings ? Iain Duncan
Smith resigns over planned disability benefit changes,indefensible changes
UK interest rates remain balanced , though sterling hit by EU vote says BoE
No Brexit for me, why I'm staying in a reformed EU and so should you
Rio Ferdinand and housing minister Brandon Lewis launched a new scheme to build thousands of affordable homes across UK
David and Samantha , morning after: how Brexit divorce gets messyPropTech ,WILL change ,the global economy“beyond recognition” Rics at MIPIMconference
Starter Homes: Unlocking the Land Fund Brandon Lewis MP
Video Bank of England Mark Carney Governor quizzed on the risks of Brexit ,Sir Jon Cunliffe
Cyber Criminals Phishing Scam Email, targets rightmove property portal, inc other property sites
Locally-Led Garden Cities , Villages Towns in the United Kingdom
coca cola tango free fall on Osbornes sugar tax
Good News for Airbnb Londoners - online MicroEntreprenuers
AirBnb / online, Ebay Amazon Start Up, micro-entrepreneurs rent property income, internet ,homes
#Budget2016 George Osborne ,Stamp Duty Surcharge ,Tax, Capital Gains Tax,Housebuilding
UrPad Online new Hybrid online estate agent for Wales ,rolled out by Property Industry Experts,Caerphilly
Facebook Founder Zuckerberg settles dispute with no pay out to property developer Voskerician
new affordable housing hits record low in london data shows
Days of Chaps payment numbered ,Central banks rival Bitcoin new RSCoin super currency
what the VLOG ? London property developers, Hackney Dalston E8 Vibe illusion
technology law - eddies from property portals boliga.dk and now zoopla.co.uk
Online estate agents, expecting sales bonaza, as sellers shun costly high street rivals
A Welsh developer of student accommodation ,plans March 2016 IPO + Wales tallest building
Help to Buy: mortgage guarantee scheme, Quarterly Statistics, March 2016
number of high street estate agents going bust up 16% , online estate agents market share up dictated by consumer not industry
NHBC NEW HOME STATISTICS ANNUAL REVIEW 2015,English Housing, Papworth Disability Trust ,Joseph Rowntree & Bungalows !
why Frank Whittle and the Saville row tailor have more in common with Warren Buffet
FT first 'Rightmove maintains grip in battle of property portals @onthemarketblog
Brick-And-Mortar Crumbling? Don't Believe It > Forbes > Leadership
Foxtons high street estate agent facing landmark claim for £2million from group of 55 landlords
Building a new deal for London: Final report of the London Housing Commission
'Kleptocracy tours' 35,000 London properties currently have unknown offshore owners.
Pop-up housing could cut cost of London’s rental market & help UK housing Crisis
Chinese hunt for property bargains in Manchester amongst others say Pinnacle Alliance Property Developer
Property pain Investigation ,service charges increasing rapidly with 30 % of firms increasing fees
UK's largest property developers accused of 'profiting' on the back of the housing crisis
Private rental prices grew by 2.7% in England
Rental prices increased in all the English regions over the year to January 2016, with rental prices increasing the most in London (3.9%).
Property pain Investigation ,service charges increasing rapidly with 30 % of firms increasing fees
Foxtons report 4% revenue increase to City, despite Prime Central London property experiencing a dead-cat bounce
Property Partner successfully completes £15.9M ($22.4M) funding round
Nested - Start Up , property online disruptor to quick sale homes ?
Building a new deal for London: Final report of the London Housing Commission
high street estate agency valuations – flattery will get you nowhere by @emoovceo
Start me up: Why London needs open workspaces for creativity, innovation and growth
Live inquiry application launch 14 th March say Land Registry Marketing Manager
LA police testing knife found on OJ Simpson property - reports
'Kleptocracy tours' 35,000 London properties currently have unknown offshore owners
UK's largest property developers accused of 'profiting' on the back of the housing crisis
Pop Up Housing a solution not just for London but the UK
estate regeneration statement GOV UK DCLG ,Lord Heseltine ,Brandon Lewis MP
Digital Mortgage service: making improvements again & again
Buy-to-let investors 'could face losses'
Uber's property footprint unmatched among San Fran Bay Area ,Tech StartUps
Guests staying with AirBnB for the super bowl top 15,000
Nobroker.com Homes, one step closer to making estate agent obsolete , new round of funding
OnTheMarket overseas properties , Britons with holiday homes in France face paying extra 10% in tax if they sell the property following a Brexit
Guests staying with AirBnB for the super bowl top 15,000
FT first 'Rightmove maintains grip in battle of property portals @onthemarketblog
Morrisons Super Markets signs deal to sell food to Amazon online customers
Amazon eyes up UK restaurant delivery market
Booking.com Launches of Passion Search ,Don’t battle your passions, unleash them
David Cameron calls EU referendum for June 23 2016 Official Statement @onthemarketblog
zoopla.co.uk selects Birst's Cloud BI platform for data integration from all its brands and apps
Good News UK mortgage approvals hit two-year high BoE
IMF Statement: LUXEMBOURG: Concluding Statement of the 2016 Article IV Consultation Mission
Spanish house prices 2015 see rise highest rise 2007 crash , stabilisation of housing market, idealista.com
No Brexit for me, why I'm staying in a reformed EU and so should you
Scotlands House prices rise and sales grow ros.gov.uk
An analysis of recent trends in the Irish rental market 2015 in Review
fourth quarter 2015: First-time buyers took out 87,100 loans to purchase homes. + house prices in UK
GeoPhy Exodus-from-EU-may-spark-correction-in-the-rental-market.html
1st of March David Cameron St David's Day message "wonderful country and a great part of the United Kingdom"
Amazon eyes up UK restaurant delivery market
Bank of England's unease over market's rate view Carney & Shafik
Morrisons Super Markets signs deal to sell food to Amazon online customers
Brick-And-Mortar Crumbling? Don't Believe It > Forbes > Leadership
Chinese authorities shut down microblogging accounts belonging to a real estate mogul
Foxtons high street estate agent facing landmark claim for £2million from group of 55 landlords
Brexit ,purplebricks.com investor, impacts on the property market overall and on aggregate consumption in the economy will be limited
Airbnb Sharing Economy Marks 4M UK Guests by Hosting, UK Gov Business Secretary
Formula One star Eddie Irvine lists his Irish home on Airbnb
Online estate agents, expecting sales bonaza, as sellers shun costly high street rivals
Hospitality On the Go; Airbnb Messaging Comes to Apple Watch
UrPad Online new Hybrid online estate agent for Wales ,rolled out by Property Industry Experts,Caerphilly
easyProperty a 20 20 vision Yahoo Google Bing , Zoopla, Rightmove, Facebook ,twitter
online estate agent settled.co.uk takes on high street receiving more funding
Former Cricket Team Aces Join the Online EstateAgent business model thehomecloud.co.uk
Tepilo.com online real estateagent sees 400% increase in turnover with £10m target set for 2016
Barclay Brothers son's YOPA , expanding into the Midlands
Upestates Online estate agency & will be expanding with 7 new offices in Birmingham Leicester & Nottingham
coca cola tango free fall on Osbornes sugar tax & How Jamie Oliver made the big boys listen
New UK Property App Development Service For Estate Agents launched by iDevelopers
PurpleBricks change marketing strategy
shock horror Hang on ,,,Why Land Registry Privitisation, is a good thing & long over due
easyProperty a 20 20 vision Yahoo Google Bing , Zoopla, Rightmove, Facebook ,twitter
Canada’s House Price Dilemma >Monetary Policy and Financial Stability
Zac GoldSmith > Launches Housing Manifesto > off plan mortgages high street lenders, government & 6 London Local Authority pension funds
Purplebricks - And the teams just keep on growing! - online hybrid estate agent @onthemarketblog
Housing Minister Brandon Lewis' speech outlines the government's housing aims including its intention to deliver 1 million homes by 2021
Global demand for prefabricated housing is forecast to increase 2.7% per annum through 2019 to 3.4 million units
David Bowie, Beautiful, Romantic Mustique ,stunning , Caribbean Villa designed by Arne Hasselqvist
UK house prices increased by 7.9% in the year to January 2016, up from 6.7% in the year to December 2015.
Average British home price, tips over 300,000 pounds @onthemarketblog
Running Costs - Zoopla tool, Phil Spencer explains, Dan the Detective Zoopla new TV advert
Shelter launch Great Home Debate ,Ellie Goulding shows her support on twitter social media UK
current account deficit has partial defence against shock says BoE's Forbes
propertyeye.net a new property , residential homes website, for sales and lettings ? Iain Duncan
Smith resigns over planned disability benefit changes,indefensible changes
UK interest rates remain balanced , though sterling hit by EU vote says BoE
No Brexit for me, why I'm staying in a reformed EU and so should you
Rio Ferdinand and housing minister Brandon Lewis launched a new scheme to build thousands of affordable homes across UK
David and Samantha , morning after: how Brexit divorce gets messyPropTech ,WILL change ,the global economy“beyond recognition” Rics at MIPIMconference
Starter Homes: Unlocking the Land Fund Brandon Lewis MP
Video Bank of England Mark Carney Governor quizzed on the risks of Brexit ,Sir Jon Cunliffe
Cyber Criminals Phishing Scam Email, targets rightmove property portal, inc other property sites
Locally-Led Garden Cities , Villages Towns in the United Kingdom
coca cola tango free fall on Osbornes sugar tax
Good News for Airbnb Londoners - online MicroEntreprenuers
AirBnb / online, Ebay Amazon Start Up, micro-entrepreneurs rent property income, internet ,homes
#Budget2016 George Osborne ,Stamp Duty Surcharge ,Tax, Capital Gains Tax,Housebuilding
UrPad Online new Hybrid online estate agent for Wales ,rolled out by Property Industry Experts,Caerphilly
Facebook Founder Zuckerberg settles dispute with no pay out to property developer Voskerician
new affordable housing hits record low in london data shows
Days of Chaps payment numbered ,Central banks rival Bitcoin new RSCoin super currency
what the VLOG ? London property developers, Hackney Dalston E8 Vibe illusion
technology law - eddies from property portals boliga.dk and now zoopla.co.uk
Online estate agents, expecting sales bonaza, as sellers shun costly high street rivals
A Welsh developer of student accommodation ,plans March 2016 IPO + Wales tallest building
Help to Buy: mortgage guarantee scheme, Quarterly Statistics, March 2016
number of high street estate agents going bust up 16% , online estate agents market share up dictated by consumer not industry
NHBC NEW HOME STATISTICS ANNUAL REVIEW 2015,English Housing, Papworth Disability Trust ,Joseph Rowntree & Bungalows !
why Frank Whittle and the Saville row tailor have more in common with Warren Buffet
FT first 'Rightmove maintains grip in battle of property portals @onthemarketblog
Brick-And-Mortar Crumbling? Don't Believe It > Forbes > Leadership
Foxtons high street estate agent facing landmark claim for £2million from group of 55 landlords
Building a new deal for London: Final report of the London Housing Commission
'Kleptocracy tours' 35,000 London properties currently have unknown offshore owners.
Pop-up housing could cut cost of London’s rental market & help UK housing Crisis
Chinese hunt for property bargains in Manchester amongst others say Pinnacle Alliance Property Developer
Property pain Investigation ,service charges increasing rapidly with 30 % of firms increasing fees
UK's largest property developers accused of 'profiting' on the back of the housing crisis
Private rental prices grew by 2.7% in England
Rental prices increased in all the English regions over the year to January 2016, with rental prices increasing the most in London (3.9%).
Property pain Investigation ,service charges increasing rapidly with 30 % of firms increasing fees
Foxtons report 4% revenue increase to City, despite Prime Central London property experiencing a dead-cat bounce
Property Partner successfully completes £15.9M ($22.4M) funding round
Nested - Start Up , property online disruptor to quick sale homes ?
Building a new deal for London: Final report of the London Housing Commission
high street estate agency valuations – flattery will get you nowhere by @emoovceo
Start me up: Why London needs open workspaces for creativity, innovation and growth
Live inquiry application launch 14 th March say Land Registry Marketing Manager
LA police testing knife found on OJ Simpson property - reports
'Kleptocracy tours' 35,000 London properties currently have unknown offshore owners
UK's largest property developers accused of 'profiting' on the back of the housing crisis
Pop Up Housing a solution not just for London but the UK
estate regeneration statement GOV UK DCLG ,Lord Heseltine ,Brandon Lewis MP
Digital Mortgage service: making improvements again & again
Buy-to-let investors 'could face losses'
Uber's property footprint unmatched among San Fran Bay Area ,Tech StartUps
Guests staying with AirBnB for the super bowl top 15,000
Nobroker.com Homes, one step closer to making estate agent obsolete , new round of funding
OnTheMarket overseas properties , Britons with holiday homes in France face paying extra 10% in tax if they sell the property following a Brexit
Guests staying with AirBnB for the super bowl top 15,000
FT first 'Rightmove maintains grip in battle of property portals @onthemarketblog
Morrisons Super Markets signs deal to sell food to Amazon online customers
Amazon eyes up UK restaurant delivery market
Booking.com Launches of Passion Search ,Don’t battle your passions, unleash them
David Cameron calls EU referendum for June 23 2016 Official Statement @onthemarketblog
zoopla.co.uk selects Birst's Cloud BI platform for data integration from all its brands and apps
Good News UK mortgage approvals hit two-year high BoE
IMF Statement: LUXEMBOURG: Concluding Statement of the 2016 Article IV Consultation Mission
Spanish house prices 2015 see rise highest rise 2007 crash , stabilisation of housing market, idealista.com
No Brexit for me, why I'm staying in a reformed EU and so should you
Scotlands House prices rise and sales grow ros.gov.uk
An analysis of recent trends in the Irish rental market 2015 in Review
fourth quarter 2015: First-time buyers took out 87,100 loans to purchase homes. + house prices in UK
GeoPhy Exodus-from-EU-may-spark-correction-in-the-rental-market.html
1st of March David Cameron St David's Day message "wonderful country and a great part of the United Kingdom"
Amazon eyes up UK restaurant delivery market
Bank of England's unease over market's rate view Carney & Shafik
Morrisons Super Markets signs deal to sell food to Amazon online customers
Brick-And-Mortar Crumbling? Don't Believe It > Forbes > Leadership
Chinese authorities shut down microblogging accounts belonging to a real estate mogul
Foxtons high street estate agent facing landmark claim for £2million from group of 55 landlords
Brexit ,purplebricks.com investor, impacts on the property market overall and on aggregate consumption in the economy will be limited
Comments
Post a Comment