House prices in our biggest cities 'will rise 10 per cent this year'
HOUSE prices in the UK’s 20 biggest cities could be rising at a rate of 10 per cent a year by the end of 2015, says a report by property analysts.
By Sarah O'Grady
Man looking at house prices GETTY
House prices in major UK cities will rise this year
Property values in the top 20 cities increased on average by 8.4 per cent year-on-year in June to reach £226,200, according to Hometrack.
But the annual rate of growth is set to move towards 10 per cent thanks to a shortage of properties and the growing economic recovery.
Annual house price growth in Oxford and Cambridge was already above 10 per cent year-on-year last month while in London the growth hit 9.8 per cent and in Bristol 9.2 per cent.
In Belfast, prices increased by 6.5 per cent and in Glasgow they increased by 5.5 per cent. In Manchester, the annual growth was 5.7 per cent.
It looks increasingly likely that city house price growth will return to double digits by the year end
Hometrack research chief Richard Donnell
Hometrack research chief Richard Donnell said: “Rising demand against a backdrop of low supply continues to push city house prices higher.
“It looks increasingly likely that city house price growth will return to double digits by the year end.”