Where in the UK are house prices rising fastest?

Where in the UK are house prices rising fastest?

London is falling behind other UK cities when it comes to house price growth.

Sheffield is enjoying the fastest growth in property prices of the top 10 UK cities, with 5.6% growth over the past 12 months, according to fresh analysis of the latest house prices by Zoopla.

Sheffield’s property market

The city in South Yorkshire, which was once one of the leading industrial cities in Britain and is still recognised for its large contribution to the highly successful steel industry, has a lot going for it amid widespread changes.

Sheffield, which is undergoing a strong regeneration programme, attracts a high number of graduates, thanks in part to the local Sheffield and Sheffield Hallam Universities, not to mention one of the lowest living costs in the country.

Separate data provided last year by Adzuna’s “Affordability Index” for house hunters found that Sheffield ranked in the top 10 most affordable UK cities for first-time buyers at just 3.03 times average earnings for the area; an attractive proposition for those looking to a get a foot on the housing ladder.

Sheffield is also one of the most attractive cities for buy-to-let property investment opportunities, thanks to a combination of high yields and strong capital gains.

With demand for property in Sheffield growing, the supply of housing on the market is falling and this is placing upward pressure on house prices.

But while parts of the city, most notably central Sheffield, have recovered well over the past couple of years, regional disparities in the city’s housing market have widened, with the gap between prices in core areas compared to those in fringe areas growing.

Elsewhere

Glasgow witnessed the second largest growth rates of all cities es with prices up 5.4% in a year, while Manchester ranked third, with property prices up 4.49%.

Top 10 cities by total property value

RankCity/TownPercentage growth in last year£ value growth in last yearJanuary 2018 value
1London1.54%£22,806,514,896£1,506,705,189,900
2Bristol3.80%£4,217,388,232£115,207,474,096
3Glasgow5.38%£4,634,764,029£90,750,982,705
4Birmingham4.08%£3,199,433,911£81,663,640,814
5Manchester4.49%£3,461,639,352£80,478,598,208
6Edinburgh4.04%£2,652,942,828£68,271,091,728
7Nottingham3.69%£2,355,278,148£66,136,609,714
8Reading2.37%£1,402,545,352£60,555,052,948
9Leeds4.20%£2,381,334,563£59,053,360,365
10Sheffield5.63%£2,966,994,110£55,698,871,773

Source: Zoopla