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House prices inflate 1.7% in June: Hometrack

House price inflation in UK cities has increased 1.7 per cent in June, according to data collected by Hometrack.

Prices in London have remained flat in the year to June at 0 per cent. The data shows that seven cities included in the analysis recorded growth under 1 per cent.

The largest decline was in Aberdeen which fell by 3.2 per cent. This was followed by Cambridge, which dropped by 0.3 per cent.

In contrast, Edinburgh saw house prices increase by 5.1 per cent and prices in Liverpool inflated by 4.9 per cent.

Further data shows that there are 1.3 units of supply new to the market for every sale agreed.

Benham and Reeves director Marc von Grundherr says: “City living remains extremely desirable and therefore conditions in these property hotspots are far more stable than other areas of the market and continue to see prices climb as a result.

“The cities to have benefited from larger levels of buyer demand in the past are, of course, going to take longer to recover as this heightened demand has pushed up prices.

“It looks as if London is finally turning a corner where city house price growth is concerned with the previous price rot seen now in reverse.

“Home sellers in the capital have been waiting patiently for the tide to turn as a lack of market activity has seen sold prices tumble. However, as the scales of properties sold to new stock now start to tip in favour of the seller, we should see price growth start to accelerate.”

Springbok Properties founder and chief executive Shepherd Ncube adds: “A bit of a mixed bag across the current market landscape but a positive one for the large part, with city house price growth continuing to shun wider market uncertainty to register yet more positive movement.

“It is promising to see such strength being registered across cities in the north, who have otherwise stood in the shadow of the capital for far too long.

“These markets are enjoying much higher levels of buyer demand at present due to more realistic price expectations and the rate of new stock entering the market is failing to meet this appetite.”

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