Commuter belt house price growth outpaces every major UK city – Yopa
In London, house prices fell by 3.7% in the city, while the commuter belt saw prices rise by 0.9%, a gap of 4.6%.
House price growth in commuter belt areas is outpacing growth within every major UK city, according to research from Yopa.
In London, house prices fell by 3.7% in the city, while the commuter belt saw prices rise by 0.9%, a gap of 4.6%.
Cardiff saw city prices increase by 2.9% and commuter areas grow by 6.7%, a difference of 3.8%.
In Nottingham, city prices dropped by 0.7% while commuter areas rose by 2.4%, a gap of 3.1%.
Birmingham saw city prices drop by 0.3% and nearby commuter areas up 2.6%, a difference of 2.9%.
In Glasgow, commuter areas grew 5.0% compared to 2.5% in the city.
Manchester’s commuter areas saw 2.7% growth while the city recorded just 0.5%.
Sheffield and Newcastle’s commuter areas also outperformed city growth by 2.0 and 1.9%.
Bristol’s city prices rose by 2.2% and commuter areas by 3.2%.
Liverpool saw prices up 4.8% in the city and 5.1% in its commuter belt.
Leeds had the smallest gap, with city prices up 3.7% and commuter areas 3.8%, just 0.1% difference.
Verona Frankish, CEO of Yopa, said: “Higher mortgage rates have put far greater pressure on buyer affordability in recent years and, while the borrowing landscape has improved, buyers are still having to think carefully about where and how they spend their money.
“For many, stretching their budget to remain within their favourite city may have been achievable when mortgage rates were at historic lows, but today that same decision comes with a considerably higher monthly cost.
“As a result, the commuter belt can provide the next best option, allowing buyers to remain within reach of the city they know and love, while potentially securing more home for their money or simply purchasing at a price that better suits their current borrowing power.”
Frankish added: “Our research certainly suggests that these surrounding markets are holding their own, with house price growth across the commuter belt outperforming the city itself in every major city we analysed.
“Of course, this doesn’t mean buyers are turning their backs on city living and in places such as Leeds and Liverpool there is very little between the two markets.
“But with affordability remaining a key consideration, it’s easy to see why the commuter belt continues to appeal to those who want the best of both worlds.”
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