"while there have been many predictions of a housing market crash, this simply hasn’t come to fruition and, in fact, property values have increased annually in all but one major UK city"
The latest market analysis from eXp UK, analysed the city rate of inflation seen across 62 UK cities and how this compares to the strength of the housing market based on the annual rate of house price growth.
According to the data, across the UK as a whole, house prices have continued to climb by a respectable 6.3% on an annual basis. However, despite inflation peaking in recent months, it remains at a rate of 10.4%, 4.1% above the average rate of house price growth.
eXp found that a number of major UK cities are actually putting in a stronger performance, with no less than 22 of the 62 major cities analysed seeing strong rates of house price growth versus inflation.
Peterborough tops the table where inflation currently sits at 10.2 %, while house prices have climbed by 14.4% in the last year, a 4.1% difference.
In Wigan, inflation is currently at a rate of 10.7%, while house prices are up 13.9%, a difference of 3.2%. This difference also sits at 3.0% in Derby, where house prices are up 13.9% versus a city inflation rate of 10.9%.
Other cities to make the top 10 include Norwich (2.5%), Nottingham (2.5%), Swindon (2.0%), Cambridge (1.7%), Blackburn (1.5%), Barnsley (1.3%) and Birmingham (1.2%).
In contrast, the current rate of city inflation across Aberdeen is 10.2%, while house prices are down 4.4%, resulting in a balance of -14.6%.
Adam Day, Head of eXp UK, commented: “Even in times of economic uncertainty and hardship, the UK property market provides a safe haven for many homeowners and it’s no wonder that so many of us aspire to own our own homes, as it’s one of the safest, long-term investments you can make.
"In fact, while there have been many predictions of a housing market crash, this simply hasn’t come to fruition and, in fact, property values have increased annually in all but one major UK city.
"What’s more, despite many households facing the toughest cost of living crisis in living memory, they can at least rest safe in the knowledge that their home is outpacing inflation when it comes to its increase in value over the last year.”
