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House prices in Britain’s biggest cities rise at strongest pace in 12 years

Cities house price inflation over the first three months of 2016 hit 4.2%
Liverpool, Cardiff and Southampton see some of the biggest price rises
Belfast and Newcastle see smallest price rises

House prices in Britain’s biggest 20 cities rose at their fastest pace in 12 years in the first three months of the year as buy-to-let investors rushed to beat April’s stamp duty hike, a new report has showed.

Liverpool, Cardiff and Southampton saw some of the biggest quarterly price rises as property investors looked for cities where it’s cheaper to buy, according to the latest index by Hometrack.

Cities house price inflation over the first three months of 2016 reached 4.2 per cent, the highest since March 2004, with the average home rising in price to £235,800, Hometrack said.

Annual house price growth across UK Cities reached 10.8 per cent outstripping the 8.7 per cent reported across the rest of the UK.

The biggest three-monthly gains were in Liverpool and London, where prices rose by 4.1 per cent between January and March.

A home in Liverpool is valued on average £113,100, while in London it is £468,100.

While Liverpool recorded the biggest rise, prices in the city are still 11 per cent below its pre-financial crisis peak, making it a potential value investment.

The biggest annual gains were in Cambridge, London and Bristol where prices are up 15.6 per cent, 14.2 per cent and 13.5 percent, respectively.