The average price of a home across the UK’s 20 biggest cities has gone up by almost £90,000 over the last decade, according to a study.
Zoopla claims the figure (£89,987) is a bigger increase than the average house price rise across the whole of the country during the same period, at £62,218 – or around 54%.
The study claims the average price of a home in major UK cities has increased by nearly £90,000
Image:
The study claims the average price of a home in major UK cities has increased by nearly £90,000
In London, average prices have grown by £204,400 – with the typical cost now at £479,000 – compared to £257,200 for a home outside the capital.
The property website predicts city house prices to rise by 3% next year as demand returns to the market following the general election result.
Richard Donnell, research and insight director claims it has provided “an element of certainty for households looking ahead to 2020“.
He added: “But the result changes very little in terms of housing market fundamentals.
“While we expect some pent-up demand to return to the market in the first quarter of, the affordability of housing across the country will dictate the level to which prices will increase in 2020.
“Lower mortgage rates have already been reflected in higher house prices, which means house prices are set to rise at a lower rate in future – more in line with average earnings”.
Zoopla says house prices in Belfast and Aberdeen are lower compared with 10 years ago.
It claims Northern Ireland’s capital – having registered six years of house price falls between 2007 and 2013 – has been slower than other major cities to see a sustained recovery in house price growth.
Meanwhile the Scottish city was affected by the oil price crash post-2015.
These are the current average house prices followed by the change in percentage and cash terms over the past decade, according to Zoopla:
– Aberdeen, £158,945, minus 0.7%, minus £1,164
– Belfast £137,987, minus 3.4%, minus £4,896
– Birmingham, £167,624, 43.1%, £50,520
– Bournemouth, £291,023, 44.5%, £89,576
– Bristol, £285,564, 67.7%, £115,243
– Cambridge, £416,932, 67.4%, £167,808
– Cardiff, £211,088, 38.1%, £58,263
– Edinburgh, £240,408, 34.5%, £61,693
– Glasgow, £123,577, 15.0%, £16,087
– Leeds, £168,595, 31.3%, £40,155
– Leicester, £180,137, 48.5%, £58,870
– Liverpool, £121,858, 17.2%, £17,872
– London, £478,982, 74.4%,£204,371
– Manchester, £173,396, 43.8%, £52,774
– Newcastle, £129,650, 15.6%, £17,502
– Nottingham, £157,752, 43.6%, £47,895
– Oxford, £411,473, 56.3%, £148,235
– Portsmouth, £239,621, 46.2%, £75,773
– Sheffield, £139,321, 27.1%, £29,681
– Southampton, £227,980, 42.2%, £67,706
– Average across all 20 cities, £257,198, 53.8%, £89,987
– Average across whole of UK, £219,986, 39.4%, £62,218
