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28 Sep, 2018/ by Homeward Legal /Buyer, First Time Buyer, Sale & Purchase

Liverpool is leading the way in house price increases across UK cities. The Merseyside metropolis has seen an increase of 7.9 percent in the last year.

That compares to a national city average rise of 3.9 percent and contrasts with a fall of 3.9 percent in the likes of Aberdeen.

The figures were revealed in the Hometrack UK Cities House Price Index for August.

Levels returning to 2007 highs

Glasgow was just behind Liverpool, boasting a rise of 7.2 percent in its property prices, with Nottingham on 6.9 percent.

However, while all of these cities are registering well-above-average increases for the 12 months to August, the report notes that for those cities, property prices are only now returning to the levels last seen in 2007.

Meanwhile, prices in Liverpool (-4 percent) are still below the highs recorded in 2007. The only other cities where property is still not reaching the values seen before the 2008 crash are Newcastle (-2 percent), Aberdeen (-4 percent) and Belfast (-41 percent).

1st-time buyer needs £53k salary

However, house prices are rising faster than earnings in 16 UK cities, says Hometrack. And it warns that affordability is going to be an issue in the next year or two because of stricter borrowing criteria imposed by lenders.

Hometrack has also calculated that the average first-time buyer needs to earn an average £53,000 to afford to buy a first home, an increase of 18 percent on housing affordability in just three years.

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