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House prices set to rise across major UK cities in 2017

Residential property prices across many of the UK’s largest 20 cities appear to offer plenty of room for growth in 2017, despite having already increased significantly over the past 12 months, the latest Hometrack UK Cities House Price Index (HPI) shows.

The average price of a home in these cities rose by 7.7% year-on-year in November, according to the HPI, which forecasts city house price growth of 4% in 2017.

All the cities showed property price growth in the 12 months to November except Aberdeen, where there was a 6.5% fall year-on-year. The biggest housing market slowdown over the past 12 months was recorded in Cambridge, where price growth is down from over 12.5% in November 2015 to 2.5% now.

Other cities where house prices are decelerating after five years of high growth include London, Oxford, Bournemouth and Bristol, reflecting a general fall in property sales in these areas.  

“In London and southern cities homeowners are facing the greatest affordability pressures, while the buoyant investor market has been impacted by fiscal changes, as well as tougher underwriting standards for mortgage borrowers,” said Richard Donnell, insight director at Hometrack. 

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