Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Sunday, 27 March 2016

UK city prices accelerate

City prices +11 per cent

Reports Hometrack in February.

UK city house prices recorded an unseasonal acceleration as prospective landlords rush to get in before stamp duty and other tax changes to be implemented on April 5.

City house price inflation surged to +11 per cent, well ahead of the national average.

London (+13.8 per cent) marginally squeezed out Cambridge (+13.6 per cent) to record the fastest price growth.

Over the last two years London (+25 per cent) and Cambridge (+23 per cent) have clearly been the standout performers, they indeed have been for the past couple of decades. 

Prices are now falling in Aberdeen following the crash in oil prices.  

Hometrack noted that the surge was not all down to an investor rush, with 80 per cent of sales recorded going to homeowners.

While property owners continue to enjoy almost unbelievably cheap mortgage rates, the  prospect of a "Brexit" vote may temper sentiment as 2016 progresses.

The full Hometrack report can be found here.