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City house price growth stalls in the South

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2018-06-05

City house price growth stalls in the South
Sellers are accepting larger discounts to asking prices in southern England, according to Hometrack.

UK city property prices climbed 4.9% in the past year - a significant slowdown compared to the 6.9% average rise of the last five years.

While regional cities have emerged as the strongest performers, growth has slowed in the South, according to the latest report from leading property valuation firm and Zoopla partners, Hometrack 

In London, property values increased by just 0.8% over the last year, the most sluggish of all major UK cites except Cambridge, which stalled at 0.1%.

Why is this happening?

Stretched affordability, Brexit uncertainty and multiple tax changes have impacted demand and led to sellers accepting larger discounts to asking prices in southern England. 

Property value growth in Portsmouth, Southampton and, to a lesser extent Bournemouth, is below the five-year average.

In contrast, discounts on asking prices have narrowed in large regional cities in the Midlands, northern regions and Scottland, leading to above-average property price growth.