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Top 20 UK cities all register annual house price growth of 5% or more

The growth in house prices continues to spread across the UK. All the UK’s top 20 cities are registering annual house price growth of over 5% for the first time since November 2004, Hometrack has revealed in its latest UK Cities House Price Index.

This is more than three-times the current growth in average UK earnings (1.3%), as pent up demand has fed back into the market supported by low mortgage rates and a pick-up in the economy.

However, there is clear evidence that the upward pressure on house price is starting to slow on weaker demand for housing. In the last three months, average UK house prices have grown by 0.6% per month compared to 1.1% in the three months to May 2014.  The majority of cities are now starting to show signs of a deceleration in the underlying rate of growth but cities with the lowest growth during Spring 2014 - Glasgow, Edinburgh and Newcastle– have recorded an acceleration, as house prices rise off a low base.

This latest analysis shows that eleven cities have an average house price below that of the UK with Liverpool and Glasgow house prices 41% lower than the UK average. London currently costs more than double the UK average +117%, illustrating how the capital dominates the rest of the country and is distorting the national picture.

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