Property price growth is slowing across UK cities, with an increasing number of locations experiencing stagnation or decline, according to analysis of 30 major urban centres.
Data from the Land Registry and Hometrack reveals significant regional variation. Belfast leads with annual price growth of 10.3%, followed by Liverpool at 9.5%. Bradford and Glasgow also demonstrate solid growth rates.
In contrast, Aberdeen has recorded a 6.1% annual decline, with Norwich also experiencing notable falls. The data shows convergence between the two indices, with both placing Belfast, Liverpool and Bradford among the top performers.
Prices fall below 2022 levels
Several cities have seen average property prices drop below their 2022 levels, prior to the rapid interest rate rises that followed the brief Liz Truss government. Bristol, Oxford and Birmingham are among the cities where prices have retreated from their 2022 peaks.
The analysis attributes the slowdown to higher interest rates, ongoing cost of living pressures, and changing buyer preferences. These factors have resulted in property prices across many areas either growing slowly, remaining flat, or declining.
Real-term value erosion
The data shows that 14 out of 30 tracked cities have experienced property price growth below inflation since 2005, representing a real-terms decline in value over the two-decade period.
The analysis uses Land Registry government data for long-term price tracking and Zoopla/Hometrack data, which adjusts for changes in property transaction mix during the pandemic, when demand shifted from flats to houses.
The slowdown marks a shift from previous years of stronger growth, with the data indicating that most parts of the country are no longer experiencing the price increases seen in recent years.
