Birmingham and Manchester were at the top of the list of cities which had experienced a post-Brexit referendum increase in prices. The cost of the average home in these places soared by 16% and 15% respectively in this time.
According to the data compiled by Zoopla all the cities which went through this level of growth were in the North, Scotland, Wales or the Midlands – with the exception of Bristol.
Leicester, Nottingham, Leeds, Cardiff and Edinburgh were among the cities which also saw their house prices grow beyond 10%.
House prices in London, Oxford and Cambridge appeared not to have fared so well in the post-Brexit vote landscape, however. They were amongst the poorest performers, said Zoopla, being hit particularly hard by the effects of Brexit uncertainty.
House price growth in 2018
The statistics, released today by the property website, also looked at how prices had fared in the last year. Liverpool and Edinburgh were the UK cities which experienced the biggest growth in house prices in 2018..
The cost of homes in these cities soared by 6.8% and 6.3% respectively in December 2018 compared to the same month in 2017.
Meanwhile, in line with many of the other house price data providers, Zoopla’s data revealed London had experienced a turnaround in fortunes The capital saw prices drop by 0.2% in the same period.
But it was Cambridge (pictured) which suffered the biggest plunge in the cost of a home, with prices plummeting by 3.8%, according to the Zoopla UK Cities House Price Index.
Richard Donnell, research and insight director, at Zoopla, explained the weaker growth in London, Cambridge and also Aberdeen had been a large ‘drag’ on the headline rate of house price across all of the UK cities in the last year.
Indeed, annually it had slowed to 2.7% in December 2018 when compared to December 2017.
Donnell said: “House prices in London have been falling for almost 12 months while the rate of growth has slowed across cities in southern England, a result of growing affordability pressures, higher transaction costs and increased uncertainty.”
“The strongest performing cities are outside south eastern England where affordability remains attractive and employment levels are rising.”
