City house price rises slow to 5.3% in April: Hometrack

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City house price growth in April was 5.3 per cent, down from 8.7 per cent in April 2016, according to Hometrack.

The latest Hometrack UK cities index says the slower growth is due to prices rising just 0.1 per cent in H2 2016.

In the first quarter of 2017, average prices have increased by 3.2 per cent.

The index says Manchester house prices are rising fastest for April, at 4 per cent, while price inflation in London is at its lowest level for five years.

EMoov chief executive Russell Quirk says: “The latest data from Hometrack seems to echo that of the wider UK indices with a slow in pace overall.

That said, the UK market is made up of such a diverse range of segments in terms of the property landscape and there are still a number of pockets showing above average growth, so to say the UK market is running low on steam certainly isn’t an accurate picture across the board.”

The index adds: “Outside southern England we expect prices to continue to increase over 2017 as households take advantage of low mortgage rates and an improving economic outlook.”