The latest research from estate and lettings agent, Barrows and Forrester, has revealed that the average monthly rate of house price growth across Britain’s major cities has slowed to 0.2% following the pandemic market boom, although regional variations in performance see Manchester, Leicester and Newcastle sitting top of the table.
Barrows and Forrester analysed the average monthly rate of house price growth seen since the pandemic (May 2022 to June 2023) and how this compares to the pandemic boom period (May 2022 to June 2023).
The research shows that, on average, house prices across Britain’s major cities have increased at a rate of just 0.2% per month since the end of the pandemic, a reduction of 0.4% per month when compared to the average rate of 0.6% enjoyed throughout the pandemic boom period.
The research shows that all 15 cities analysed have seen a reduction in the average monthly rate of house price growth seen since the end of the pandemic boom period, however, some cities are weathering the current market slowdown better than others.
House prices across both Manchester and Leicester have climbed at a rate 0.5% per month in the post-pandemic market, with Newcastle not far behind with a 0.4% average monthly rate of growth.
What’s more, these cities have seen some of the slightest reductions when compared to the pandemic boom period, with the rate of house price growth only reducing by -0.2% and -0.3% per month respectively.
In contrast, Aberdeen is the only city to see house price growth slip into negative territory post pandemic, falling by an average of -0.2% per month, while Swansea has seen a flat rate of growth (0%).
Bristol, London, Bradford and Liverpool have registered very marginal growth at an average rate of 0.1% per month and Liverpool also ranks as the city to have seen the largest correction when compared to the previous pandemic boom period.
The average monthly rate of house price growth across the city has fallen from 1.3% since the pandemic, resulting in a drop of -1.2% per month. No other city has seen this reduction exceed the one per cent mark.
Managing Director of Barrows and Forrester, James Forrester said, “We’ve undoubtedly seen a post pandemic correction over the last year or so, following such a sustained boom period that drove house prices to all new highs. While the market is standing firm, there has been a clear slowdown in the rate of house price growth seen and this is no different across our major cities.
Of course, the property market is fragmented in nature and so the extent of this slow down also differs considerably from one city to the next.
Liverpool has certainly been hit hardest in terms of the overall reduction in the pace of the market, while Manchester, Leicester and Newcastle are still posting a strong performance despite the wider landscape.”
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