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House prices rise 5% 'across UK's 20 largest cities'

The cost of a house has risen by at least 5% in 20 of Britain's major cities, with experts pointing to the rise as a sign of the economic finally trickling out of the south east.

Property analyst Hometrack revealed there was still a wide discrepancy between the north and the south in terms of house prices, with the cost of a home in London rising by 17.3% or by 5.5% in Liverpool and Glasgow.

However, this was the first time in a decade that house prices have risen year-on-year by more than 5% in all 20 cities.

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House prices in South East 'could surpass London'

The cost of a home in the South East of the UK or "commuter belt" could soon rise higher than the price of a home in London, a property expert has warned.

Hometrack's research director Richard Donnell said the price of a home in counties like East Sussex and Kent could rise beyond the London market, after the property analysts found the cost of a home had risen by at least 5% across 20 UK cities.

There are still bright spots of activity amid reports of a wider national slowdown.

For the first time since the financial crisis, an improved economic outlook has seen house prices in cities outside the south of England rising off a low base.

By the end of the year, we could well see monthly house price growth in London slipping below that of some of the major cities outside the South East.

– Richard Donnell

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