House prices are beating 2007 peak

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HOUSE prices in Portsmouth have rebounded by 4.7 per cent since the housing market recovery took hold, a report has found.

At £194,800 on average in September, property values in the city are 4.7 per cent higher than they were at their previous 2007 peak, according to property analyst Hometrack.

The findings were part of a new index produced by Hometrack which has charted price movements in 20 UK cities.

The study showed property prices in Bristol, Oxford, Aberdeen, Portsmouth, Southampton and Bournemouth are above their pre-financial crisis peaks, while those in Cardiff are below.

Over the past year, London, Cambridge and Bristol have seen the strongest uplifts in values out of the cities looked at, while Glasgow and Leicester have seen the lowest increases, according to the findings.

Richard Donnell, director of research, said cities give a strong indication of the housing market’s health as they are the focus for employment, business growth and demand for homes, although he warned that there was ‘little evidence of a runaway surge in prices’ as the rate of growth appeared to be moderating.