According to the Hometrack’s UK Cities House Price Index, house prices in key cities increased by 11,4 in December , up from 10.2 percent previous month and 8.9 percent twelve month ago.The average house price reached £232,500 in UK.
Cambridge and London have registered the highest annual growth with 14,4 percent and 13,8 percent.Bristol followed London and Cambridge with 12.8 percent increase.
Turmoil in global financial markets is raising concerns over the impact on the UK economy and possible knock-on impacts for the housing market. Housing demand in Aberdeen has already been impacted by global events, not least the slide in the oil price over 2015. The annual rate of house price in Aberdeen has slowed from +13.5% a year ago to -1.4% today and looks set to remain weak over 2016.
Newcastle and Sheffield are recording the next lowest growth rates of 3.7%, still higher than average earnings, and in cities where the housing recovery is at a much earlier stage.