According to the Hometrack’s UK Cities Index, annual house prices increased by 9,4 pct in UK’s key cities and city level house price inflation set to reach 10% by the year end.
Large regional cities outside southern England are recording an acceleration in growth off a low base. Glasgow, Manchester and Liverpool registered the highest rates of annual house price growth since 2007.Improving consumer confidence and low mortgage rates are boosting demand in cities where the housing recovery is in its infancy.
Glasgow house prices currently average £110,000, less than half the £229,300 average price across all the 20 cities measured by the Hometrack UK Cities index. House prices in Glasgow stopped falling three years ago and have since risen by 13%. In the last 12 months they are up by 8.3%, which is the highest rate of annual growth across the city since August 2007.