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  1. ITV Report

Midlands house prices rise second fastest in the UK

House prices have risen at levels not seen since 2005. Photo: PA

House prices in the Midlands are rising at levels not seen in the region for 12 years.

Property values have grown by 8% in Birmingham compared to last year, while house prices in Nottingham have surged by 6.7%.

Cities such as London and Cambridge are seeing a significant slowdown while Manchester, Birmingham and Bristol are all on the up, according to figures released by Hometrack.

8%
The amount house prices have surged in Birmingham since last year.
6.7%
The amount house prices have surged in Nottingham since last year.
6.6%
The amount house prices have surged in Leicester since last year.

Buyers outside the South of England appear to be shrugging off concerns over Brexit and a squeeze on real incomes to take advantage of low mortgage rates.

This is shifting the dynamics of the housing market.

Cities that have been driving house price growth over the last two to three years, such as London and Cambridge, are now seeing a significant slowdown, while large regional cities continue to register robust and sustained levels of house price growth.

– Richard Donnell, insight director at Hometrack