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UK cities show house price rises slowing or reversing

20 Dec 2014

Prices were up an average of approximately 0.8% per month over the past year, meaning an average yearly growth of 8.9%. Monthly growth over the past quarter, however, has averaged around 0.5%, with 16 of the 20 largest cities slowing, and 3 of these actually falling (Cambridge, Aberdeen and Liverpool)

Hometrack expect falls to emerge in other cities in the short term, noting that 20% of London postcodes have already  registered falls in the past three months

Although UK wages are starting to increase relative to inflation, the Mortgage Market Review (MMR) implemented by the Financial Conduct Authority in April is likely to have been the catalyst for reduced house-price momentum. The MMR compelled lenders to limit mortgage availability for borrowers that could not comfortably meet future mortgage rate rises, in order to prevent a house-price bubble - this now looks to have been a success.

For the full Hometrack release see here

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