Post-2007 house price growth 'highest in Cambridge'
Cambridge has witnessed the highest house price rises since the recession, according to a new report.Hometrack's first UK Cities House Price Index reveals prices in Cambridge have risen by 32.4 per cent since the financial crisis, with the south of England performing strongly as a whole.An increase in annual house price inflation was recorded in all 20 of the urban areas covered by the report, with the exception of Aberdeen, where the market is slowing off a high base.The highest year-on-year growth occurred in London and Cambridge, which saw annual increases of 18.1 per cent and 17.9 per cent respectively. In contrast, the regions with the slowest growth - Glasow and Leicester - saw increases of 4.3 per cent and 4.8 per cent respectively.Fourteen of the cities are registering growth below the UK average of nine per cent. With the exception of Bournemouth, all of these are outside southern England.UK house price inflation rose from 8.9 per cent in August to nine per cent in September. The month-on-month rate has eased since the spring, with a 0.4 per cent increase in September compared to one per cent in April.The UK average is strongly influenced by London, although prices have risen in cities outside the capital in the last 18 months, as a result of improved consumer confidence and low mortgage rates.According to the index, the recent upward pressure on UK house prices is weakening due to a slowing of growth in the London housing market.The capital's annual growth rate fell from 18.9 per cent in August to 18.1 per cent in September, with Oxford, Belfast and Aberdeen also experiencing slowdowns.In the near term, the growth in London prices is expected to continue to slow, partly as a result of a weakening of international demand on a variety of tax changes and a stronger pound.
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