MAJOR UK CITIES WITNESS SIGNIFICANT SLOWING OF PROPERTY PRICE GROWTH

House price growth is slowing down in many of the UK's largest cities, according to the latest data.

Property data provider Hometrack analyzed 20 cities and found that sales prices increased 4.9% in the 12 months to April compared to an average of 4.2% over the last two years, but lower than the 6.9% average over the last five.

Regional cities in the Midlands, the North, Scotland and Wales continue to be the strongest performers in the U.K.

Manchester, which saw sales prices rise 7.7% to an average of £161,700 in the year to April, saw the most price growth. The northern city was followed by Leicester (7.4%), Edinburgh (7.2%) and Liverpool and Cardiff (both 6.8%).

Prices in these cities have room for further increases due to 'attractive affordability levels and rising employment', the report says.

In the south of England, where price growth was more restrained, Cambridge’s prices remained almost flat at an average of £435,500, a rise of just 0.1%, according to the report.

In the capital, house prices were 0.8% higher than a year ago, reaching an average of £487,600.  A total of 16 of London’s 46 local authorities are also registering negative growth of up to 2.8%, according to the report.

Only one city saw price declines in the year to April, as prices in Aberdeen dropped 7.2% to £173,200.