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City house prices rise 7.7% in November, says Hometrack

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House prices in the UK’s largest 20 cities rose by 7.7 per cent year-on-year in November, according to the latest Hometrack UK cities house price index.

The average house price in these cities is now £243,200.

All the cities showed a rise in house prices except Aberdeen, where there was a 6.5 per cent fall year-on-year.

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Cambridge showed the  biggest slowdown in the rate of growth over the last 12 months, down from over 12.5 per cent in November 2015 to 2.5 per cent today.

E.surv director Richard Sexton says: “Today’s figures show that property prices in the UK’s largest cities are refusing to slump, with demand for property across the country remaining strong.

“In the long term, this is going to cause further pressure on the housing market due to a systemic under-supply of affordable properties. The steady annual rise of house price growth in cities such as Manchester and Liverpool is testament to this.

“Until the gross imbalance between supply and demand is rectified by the Government and the industry working together to implement a substantial house-building programme, rocketing prices will continue to be the main barrier to those wishing to buy a home.”

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