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UK Cities House Price Index

Don't rely on regional averages. The Hometrack UK Cities House Price index is the only UK index which analyses housing market trends at a city level – across 20 cities, plus regions and nationally. Explore the data, compare cities and follow trends over time using our interactive charts and tables.

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October 2016

City level house price growth is holding steady at 8.4%. This month we reveal an updated view on city level affordability. This finds that after an 86% uplift in house prices since 2009, the price to earnings ratio in London now sits above 14x with Oxford and Cambridge close behind. Other cities are at or below their long run average. Read the Report to find out what this means for city level house price inflation.

7.0% UK
8.4% 20 City Average
  • City level house price growth holding steady at 8.4%
  • An 86% uplift in house prices since 2009 has pushed the price to earnings ratio in London over 14x, more than double the UK average of 6.5x
  • Most cities have price to earnings ratio in line with long run average and room for price growth

City Overview Table

Select a city below to view the interactive chart.

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City Average price Trough-current Peak-current Last 12 months Last 3 months Last month Year on year
Aberdeen £180,500 15.2% 1.1% -8.1% -2.4% -0.4%
Belfast £126,600 21.9% -45.9% 2.1% 1.2% 0.1%
Birmingham £145,500 25.0% 5.3% 7.7% 1.6% 0.4%
Bournemouth £271,300 42.4% 16.3% 6.9% 2.6% 0.7%
Bristol £259,400 60.8% 30.3% 10.6% 0.1% -0.2%
Cambridge £420,600 83.9% 54.3% 5.4% 0.9% -0.4%
Cardiff £193,000 31.7% 11.0% 8.0% 3.0% 0.7%
Edinburgh £203,200 19.8% -0.5% 3.5% 2.2% 1.0%
Glasgow £114,600 13.3% -8.8% 4.0% 2.3% 1.0%
Leeds £153,000 20.7% 0.0% 5.5% 0.2% 0.1%
Leicester £156,500 27.6% 7.6% 5.4% 0.1% 0.3%
Liverpool £112,700 14.6% -10.1% 5.5% 1.3% 0.1%
London £482,800 85.8% 55.9% 9.1% 1.3% 0.5%
Manchester £148,000 24.6% 4.2% 7.7% 1.3% 0.5%
Newcastle £122,600 11.9% -6.2% 3.1% -0.2% -0.1%
Nottingham £138,200 26.8% 6.7% 5.6% -0.3% 0.1%
Oxford £414,900 71.7% 45.2% 7.0% 0.1% 0.8%
Portsmouth £218,500 41.9% 19.8% 8.3% 0.6% 0.0%
Sheffield £129,200 17.8% 1.2% 5.5% 2.0% 0.6%
Southampton £218,200 42.2% 19.2% 7.5% 1.6% 0.6%
UK £203,700 33.5% 13.2% 7.0% 1.4% 0.4%

The Hometrack House Price Indices are provided for information purposes only. While we make every effort to ensure our indices are as robust as possible we cannot guarantee their accuracy or completeness. We reserve the right to vary our methodology and to edit or change the indices at any time. Persons seeking to place reliance on the indices do so at their own risk. Hometrack shall not be liable for any loss or damage, direct or indirect, arising from inaccuracy or incompleteness of the data or any decision made in reliance upon the data. Users wanting to use the indices for commercial applications need to obtain a licence to do so from Hometrack.

Interactive Chart

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Commercial Uses

Businesses and policy makers use indices in setting strategy, benchmarking market performance, valuing assets and in commercial contracts. Find out about licensing the Hometrack House Price Indices to use in your commercial application.

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Methodology

Users want indices that reflect, as closely as possible, the actual performance of the underlying market from the national down to the local level. Hometrack have been at the forefront of building and running accurate, localised house price indices for the past 12 years.

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FAQ's

Hometrack's House Price Indices are based on the largest sample of any UK house price index. The 20 cities covered by our indices contain 35% of the UK housing stock by volume and 43% of capital value, even though they cover less than 5% of the UK's land area. Read our FAQ's to find out more about our indices.

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Hometrack Index

October 2016 - London breaks 14x house price to earnings ratio

City level house price growth is holding steady at 8.4%. This month we reveal an updated view on city level affordabilit...

September 2016 - London records lowest quarterly growth for 20 months

City level house price growth is running at 8.5% but growth in London has slowed rapidly in the last quarter to the lowe...

August 2016 - City level house price growth running at 8.2%

The pace of city level house price inflation is slowing with growth in the year to August 2016 running at 8.2%. The 20 c...

July 2016 - 20 city house price growth starting to slow

The annual rate of house price inflation across the 20 cities has started to slow after 12 successive months of rising h...

Commercial Uses

Commercial use of the Hometrack House Price Index series

Hometrack’s house price indices are designed to track, as closely as possible, the performance of UK residential capital values over time.  We have a track record of developing and running proprietary, localised, sub-regional house price indices for over a decade. These index series form an integral part of our automated valuation model.  

We are publishing a unique series based on 20 UK Cities along with series for the UK, Government Regions and the countries of Scotland, Wales and Northern Ireland.

If you would like to use the Indices in a commercial application, you will need to licence them from Hometrack.

To discuss your requirements and to find out more about the licensing terms please contact us using the 'Contact' form on the www.hometrack.com/uk website. 

Methodology

1. What methodology is used to create the Hometrack House Price Indices?

We use a repeat sales based methodology.

A repeat sales methodology uses ‘pairs’ of price points for properties that have sold more than once to compare price change on a like-for- like basis over time. The other most common methodology used to construct index series is the hedonic or multivariate regression model which is used by Nationwide, Halifax and the Office for National Statistics.

All methodologies have their pros and cons which have been well documented over the last decade – the National Statistician’s Review of House Price Statistics, Government Statistical Service, December 2010 (download it here) is one of the latest and most comprehensive reports on house price indices.

2. How accurate is the Hometrack House Price Index?

Our primary focus when building house price indices is to create index series that represent the actual trends in the underlying market as closely as possible. We benchmark our national and regional series to monitor their performance over time.  Creating accurate house price indices is a challenge whichever headline methodology and source data is employed. Relatively low market turnover and a lack of homogeneity in housing stock create challenges in accurately tracking house price inflation.  

3. What data do you use to construct the Hometrack House Price Indices?

The Hometrack indices are based upon a large database comprising 100% of recorded sales prices from the Land Registry ‘Price Paid’ dataset and equivalent data from the Registers of Scotland.  This price paid data is supplemented by mortgage valuation data. All data is obtained monthly and placed through comprehensive cleansing and verification processes. We have sufficient data to produce robust monthly house price series.

4. How long are the Hometrack House Price Indices series?

Our data for pricing goes back to the early 1990’s with the house price index series starting from January 1995.

5. How long has Hometrack been publishing house price indices?

Hometrack have been producing monthly, local level house price indices since 2002 but these were unpublished until October 2014.

These localised indices form a key part of the Hometrack automated valuation model where indexation is a key element of the valuation system. We are now making available the headline regional and key city level series to provide greater transparency on housing market trends at a sub-regional level.

The Hometrack UK Cities House Price Index series is a monthly, non-seasonally adjusted series running back to January 1995.

6. Are the Hometrack House Price Indices mix adjusted or weighted?

The Hometrack House Price Indices are weighted according to the volume of housing stock in each geographic area. All index series are built at a property type level and then aggregated to the headline index for all property. The property type weightings are adjusted dynamically over time each quarter as the stock of housing grows, but the absolute changes are small.    

7. What are the primary outputs of the Hometrack House Price Indices?

The primary output of our house price index build process is a monthly ‘multiplier’, the amount by which house prices have changed over the period based on the available evidence for the relevant geography.  This monthly multiplier is used to create a non-seasonally adjusted index of house prices.  The index can be used to track changes over time and compute a rate of house price growth. 

8. Why are the index numbers subject to monthly revisions?

Like all other published UK house price indices, the Hometrack House Price Indices are revisionary i.e. there are revisions each month as more data comes available as sales are registered and further information becomes available.   The scale of monthly revisions tends to be larger for smaller geographies where sales volumes are lower and indices can be more volatile over time. The historic revisions are minimal for the largest geographies.

9. Is the Hometrack House Price Index series seasonally adjusted?

No, the series are supplied on a non-seasonally adjusted basis ensuring the index reflects the actual change in house prices over time.  Users wanting to adjust the actual price changes are able to run a seasonal adjustment algorithm if required. 

10. What is the average price based upon?

The primary output of a repeat sales regression index is a monthly ‘multiplier’ which reflects the price change over the period.  These price changes are then applied to an average price to create a time series for average house prices. Hometrack calculated the average price of housing in all the geographies covered by the indices in December 2013. The monthly indices are used to adjust the average price in December 2013 both forwards to the latest index period and retrospectively back to January 1995. 

11. Are the price changes and index series expressed in nominal or real terms?

All our average prices and percentage changes are expressed in nominal terms and not adjusted for inflation.

12. How do you define the geographic coverage of Cities?

The geographic definition of a City is based upon Primary Urban Areas – these are areas that cover the built up area of a city or city region.  Primary Urban Areas for English cities were defined in a report published by the UK Government entitled The State of the English Cities Volume 1, ODPM, 2006 (download it here).  

All cities are based upon amalgamations of single or multiple local authorities. The process of extrapolating the Primary Urban Area methodology for major cities across the rest of the UK can be deployed for Scotland, Wales and Northern Ireland. 

FAQ's

1. How do the Hometrack House Price Indices differ from other house price indices?

We are the only provider of City-specific UK house price indices. So, our indices offer a more granular view on UK house price trends than national or regional alternatives. We believe that because cities are the focus for economic growth and demographic change in the UK, providing city-level analysis makes sense.

In addition, our methodology, mix adjustment process and data sources are different from other published indices.

2. What methodology is used to create the Hometrack House Price Indices ?

Please refer to our methodology section for details about how the Indices are created, how accurate they are and other technical details. 

3. How accurate is the Hometrack House Price Index?

Our primary focus when building house price indices is to create index series that represent the actual trends in the underlying market as closely as possible. We benchmark our national and regional series to monitor their performance over time.  Creating accurate house price indices is a challenge whichever headline methodology and source data is employed. Relatively low market turnover and a lack of homogeneity in housing stock create challenges in accurately tracking house price inflation.  

4. Which 20 cities are covered by the Hometrack UK Cities House Price Index?

We are producing monthly index series for 64 cities but are only publishing the results for 20 cities. We have selected the largest 10 cities in England in addition to the primary cities for Scotland, Wales and Northern Ireland. The remaining cities have been selected to provide a spread of geographic coverage and housing and economic characteristics. We may choose to add further cities in future.

Below is a full list of cities and their current local authority constituents:

  • Aberdeen - Aberdeen City
  • Belfast - Belfast City, Carrickfergus, Castlereagh, Lisburn, Newtownabbey, North Down
  • Birmingham - Birmingham, City of Wolverhampton, Dudley, Sandwell, Solihull, Walsall
  • Bournemouth - Bournemouth, Christchurch, Poole
  • Bristol - City of Bristol, South Gloucestershire
  • Cambridge - Cambridge
  • Cardiff - Cardiff
  • Edinburgh - City of Edinburgh, East Dunbartonshire, East Renfrewshire, Glasgow City, Renfrewshire, West Dunbartonshire
  • Glasgow - East Dunbartonshire, East Renfrewshire, Glasgow City, Renfrewshire, West Dunbartonshire
  • Leeds - Leeds
  • Leicester - Blaby, City of Leicester, Oadby and Wigston
  • Liverpool - Knowsley, Liverpool, St. Helens
  • London - Barking and Dagenham, Barnet, Bexley, Brent, Bromley, Broxbourne, Camden, City of London, City of Westminster, Croydon, Dacorum, Dartford,Ealing, Elmbridge, Enfield, Epping Forest, Epsom and Ewell, Gravesham, Greenwich, Hackney, Hammersmith and Fulham, Haringey, Harrow, Havering, Hillingdon, Hounslow, Islington, Kensington and Chelsea, Kingston upon Thames, Lambeth, Lewisham, Merton, Mole Valley, Newham, Redbridge, Richmond upon Thames, Runnymede, Southwark, Spelthorne, Sutton, Three Rivers, Tower Hamlets, Waltham Forest, Wandsworth, Watford, Woking
  • Manchester - Bury, Manchester, Oldham, Salford, Stockport, Tameside, Trafford,
  • Newcastle - Gateshead, Newcastle upon Tyne, North Tyneside, South Tyneside,
  • Nottingham - Broxtowe, City of Nottingham, Erewash, Gedling
  • Oxford - Oxford
  • Portsmouth - City of Portsmouth, Fareham, Gosport, Havant
  • Sheffield - Rotherham, Sheffield
  • Southampton - City of Southampton, Eastleigh

5. What are the index publication dates?

The Cities Index is normally published on the second last Friday of each month. Subscribe to the Hometrack UK Cities Index email newsletter (use the 'Subscribe' link at the top of this page) to get it sent straight to your inbox each month.

6. Can I use this information in my business?

You can use the information we publish for information only. The use of the Hometrack House Price Indices as the basis for commercial contracts or any form of legal agreement is specifically excluded. Any form of commercial use of one or more of the index series requires a license which can be obtained by contacting Hometrack via the 'Contact' form on this website.

7. Where can I get further information on the Hometrack House Price Indices?

If you have further questions or would like more information please contact us using the 'Contact' form on our website at www.hometrack.com/uk.