This year, UK property has experienced many revivals that have transformed the market. The first few months of 2020 alone have already replaced 2019´s stagnant growth with a thriving and prosperous rebound.
The latest research has found that house prices across English cities have increased above the pre-financial crisis peaks for the first time since 2007.
Central London properties recovered to pre-crisis levels after just over two years: the fastest of all UK cities. Newcastle was the last city to exceed pre-crisis levels, only achieving recovery in late December last year: 12 years after the period of economic decline.
UK city HPI (house price index) is currently sitting at +3.9 per cent as prices approach a 3-year high.
According to Zoopla UK Cities House Price Index, January´s UK city house price inflation stood at 3.9 per cent year-on-year. The average price reached £258,100, having continued its rise since August.
Richard Donnell, director of research and insight at Zoopla, said: “While it took 12 years for all English cities to return to pre-Global Financial Crisis levels, the central London market returned to this level in just 2.3 years.
“The subsequent decrease in the value of sterling created a window of opportunity for overseas buyers to secure competitive value in high-value markets and, since then, house prices in London have rebounded by almost 60 per cent, outstripping all other UK cities.”