Manchester has now surpassed London when it comes to house price growth as Knight Frank’s Global Residential Cities index has revealed.
Knight Frank’s Global Residential Cities index has ranked London below three other UK cities in the final quarter of 2016. Bristol came 38th in the world, with year-on-year house price growth of 10.1 per cent, Manchester came in at number 51, with growth of 7.9 per cent, and Birmingham was at number 53, with growth of 7.7 per cent.
With house price growth of only 7.5%, London only managed to secure spot number 55.
This is a rather significant fall for the capital after being ranked 36th during the third quarter of 2016. During the first quarter of last year, London even made it up to rank number 14, with a house price growth of 15.2%.
The report’s top 10 were heavily dominated by Chinese cities, taking up nine spaces with Wellington, in new Zealand, being the only non-Chinese addition in 10th position.
The research found in this report goes in hand with the broader picture of London slowly losing its status of exclusivity.
Additionally, the Knight Frank index isn’t the only report revealing Manchester as the stringer market. Hometrack has also published its city house price index, in which it names the country’s 20 best cities for house price growth and named Manchester as one of the top spots.
Here an overview of the ranking of British cities in Knight Frank’s Global Residential Cities index:
38. Bristol: 10.1% year-on-year growth
51. Manchester: 7.9% year-on-year growth
53. Birmingham: 7.7% year-on-year growth
55. London: 7.5% year-on-year growth
58. Nottingham: 6.9% year-on-year growth
86. Glasgow: 4.4% year-on-year growth
126. Edinburgh: -0.6% year-on-year growth
148. Aberdeen: -9.8% year-on-year growth