Although the capital city of London has seen extreme house price growth over the past five to seven years, the last twelve months has been anything but strong growth. Over that time period, house price growth has been 0.4% within the city and just slightly higher in the prime areas of London. Now, there is a new leading city for house price growth across the country. It is Manchester according to house price index from Hometrack. Over the last twelve months it has posted house price growth of 7%.

House price growth in the city of Manchester has been stellar over the last year, but the average house price still remains low compared to houses in the capital city. The average house price in the city of Manchester is only £163,300.

The gap is expected to narrow between the two cities, but Brexit and other factors could affect this as optimism and a general sense of caution has consumed the housing market and is expected to for the rest of the year.

Newport in Wales has experienced quite a surge in house price growth over the last twelve months as well. The city tops the list with growth of almost 11%. This leads to optimism and a positive outlook for the housing market in that area for the months to come.

Remortgage has continued to remain strong in the first half of this year across the country. It is expected to continue until year’s end. House owners finding themselves undecided regarding moving home or remortgaging still have many fine deals to choose from. Lenders are competing for business and offering low interest deals with many incentives.