Prices of houses across UK dropped in the last year. Studies that compared July 2016 to July 2017 revealed a decrease of 2.1 %. This July marked a 5.3% growth rhythm compared to the 7.4% a year ago.
However, the tendency is still of growth. Nineteen of the twelve cities in the UK marked a raise. The only one with prices going down is Aberdeen. London ‘bottomed out’ considering the 2.8% growth rate and compared to the top of the list Birmingham (8%) or second place Manchester (7.1%).
To have a full view over the development pace and the actual prices read the whole report on Hometrack.
UK Cities House Price Index – July 2017
The report is actually very revealing and gives a clear idea of how the English property market is developing. Still, take into consideration that it uses the average price of the property and actual sales – point where sellers and buyers actually agree on the value of the house. There are actual situations when the demand is not fulfilled because properties on the market are overpriced and buyers are willing to only pay the right price. Not necessarily the one asked by the seller.