Property prices rising faster in cities than in the suburbs

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Properties in the big hubs are typically 9.2 percent dearer now than at the start of the year, compared with an average growth of 7.9 percent in surrounding areas, Halifax said.

Andrew Asaam, the bank’s mortgages director, said the trend of people moving out to greener spaces seen early in the pandemic is continuing.

But he said: “As daily life started to get back to normal for many the opportunity to live in cities became more attractive again, driving up demand.”

“Clearly the economic environment has changed considerably in the last few months, with the likelihood of more significant downward pressure on house prices, as the cost-of-living squeeze and higher borrowing costs limit demand.”

And he added: “The extent to which such trends will continue to shape the housing market is therefore uncertain.”

But some places have bucked the trend. In the surrounding areas of Birmingham, house prices have risen faster in percentage terms than in the city itself.

This is reflected in places LIKEWALSALL which has seen property price inflation of 16.4 percent.

And in the North East of England, Newcastle has recorded weaker house price growth than surrounding areas.

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