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Housing Finance

House Prices in Southern England Have Fallen by 13% in the Past 3 years

Property sales across cities in southern England have fallen by 13% on average since 2015, according to new figures.

A new Zoopla index, which looks at the UK’s 20 biggest cities, found homes have fallen by 13% in the South between the full calendar years of 2015 and 2018. On average, sales increased by 6% across cities in northern England over the three years. Sales in London and Cambridge are down 20% on 2015 levels.

By contrast, transactions in Liverpool have increased by 19% over the same period and those in Newcastle have increased by 5%.

As well as a big jump in sales, Liverpool also had the strongest annual house price growth in March among the 20 cities in the index, with a 5.7% year-on-year price increase taking the average property value there to £122,100.

Leicester, Manchester and Glasgow also recorded house price growth of 5% or slightly more in March.

Richard Donnell, research and insight director at Zoopla, said: “House prices and sales volumes continue to increase in regional cities outside southern England.
“Prices in these cities have recorded modest gains over the course of the last decade and affordability remains attractive.”
By Vicky Shaw
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