Home Residential Property Which city has seen the fastest growth in house prices? (Hint: It's not London)

Which city has seen the fastest growth in house prices? (Hint: It's not London)

by LLP Editor
24th Oct 14 11:12 am

Admit it Londoners, you’re pretty smug about how the pricetag of your property is a national obsession.

But Cantabrigians, the residents of Cambridge, just stole your thunder.

Cambridge’s property prices have grown faster than London since the financial crisis, according to property analyst Hometrack.

Average property price is Cambridge currently stands at £348,300 –  32.5% higher than its 2007 peak.

In London, property prices rose 29% since their 2007 peak of £398,700.

Cambridge’s win has been attributed to a Cambridge University’s popularity worldwide and the city’s good transports links to London.

Other cities that have crossed that pre-crisis peak include Oxford, Aberdeen, Bristol, Portsmouth, Southampton and Bournemouth.

Richard Donnell, research director at Hometrack, said: “Local economies drive their local housing markets. Cities are the focus for employment and business growth, which in turn creates demand for housing. By focusing on cities, we can get a more accurate picture of the health of the housing market.

“Expectations that strong house price growth in the south of England would ripple out across the country were over-done. While house price growth has increased across all cities in the last year the rate of growth in the majority of cities is below the UK average. There is little evidence of a runaway surge in prices and the rate of growth appears to be moderating.”

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