House price inflation in UK cities slowed in August, according to the latest index from valuation and market intelligence firm, Hometrack.
The data, based on 20 UK cities, showed growth of 8.2 per cent in the year to August, down from 8.4 per cent in the year to July and the lowest level of growth for six months.
Bristol saw the fastest level of annual growth in August at 13.1 per cent, followed by London, which was up 10.4 per cent.
Cambridge has registered the fastest deceleration in growth from an annual rate of 16 per cent in March 2016 to just 6 per cent in August.
Your Move & Reeds Rains executive director Adrian Gill says it’s no surprise to see a softening in house price growth over the summer months.
“The unsustainable rate at which property values have been rising has meant that many potential homebuyers have been priced out of the market – especially in areas like London and the South East,” says Gill.
“The truth is, now is a great time to buy a home. The fundamentals of the housing market remain strong, with record low interest rates and lenders maintaining their appetite to lend. However, what still needs to be addressed is the huge imbalance between the supply and demand of properties.”