House prices are rising faster in Manchester than anywhere else in the country according to figures from a leading U.K. House price tracker agency.
Hometrack, which tracks the movements of house prices across the 20 biggest cities, said house prices in Manchester grew by 8.8% year-on-year in February and the average cost of a home in the city is now £151,800.
By comparison London slipped to 10th in growth rankings reaching 5.6% in February. The average home there now costs £488,700.
UK City house price inflation is running at 6.4% the survey found compared to 7.8% a year earlier and in line with the 5 year annual average of 6.5% per annum.
Affordability pressures continue to impact growth rates in high value cities in southern England. While growth in Manchester has hit close to 9%, the supply/demand dynamics are not strong enough in regional cities outside southern England to support double digit rates of house price growth.
