House price growth slows

HOUSE price growth in Portsmouth has fallen to 6.4 per cent, from 7.9 per cent in November, according to the latest UK Cities House Price Index.

Hometrack also said it expects the rate of house price inflation to slow towards 0 per cent over 2017.

The headline rate of growth for the UK Cities House Price Index is now running at 6.9 per cent, compared to 7.9 per cent in January 2016. Bristol remains the fastest-growing city in the index with annual growth at 9.5 per cent.

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Richard Donnell, insight director, said: ‘There is material upside for house prices in the coming years in many cities where the recovery since 2009 has been limited. The timing and scale of future house price growth will, of course, depend upon the outlook for jobs, incomes and mortgage rates.’

The index found the average house price in Portsmouth was £221,100.