Nottingham named one of the most expensive cities to…

Nottingham named one of the most expensive cities to buy house in UK

Nottingham is among the most expensive UK cities to buy a house in outside London, new research shows. The average cost of a property in the city currently stands at £196,900 - the 14th most expensive city in the UK.

In the capital, the average cost reaches £524,400, but stats show some UK cities are now not too far behind, reports the Mirror. Zoopla's House Price Index has calculated monthly growth rates across cities in the UK.

The best value city is Glasgow, with homes costing £140,200. Cambridge sits behind London at £465,700, with Oxford now the third most desirable in Britain - with average house prices up to £450,000.

In fourth is Dorset city Bournemouth, with Bristol homes now costing in the region of £333,000. According to estate specialists Zoopla, England's most affordable city is Newcastle, with average properties coming in at £147,200 for 2022.

You can pick up a house in Liverpool for £152,300, according to the study - around a quarter of what you pay in London. The average price for a property now stands at £258,100, and at £293,700 in the 20 cities featured.

“The dynamics that have shaped the housing market over the last five years are shifting," Executive Director Richard Donnell said. "We expect affordable urban centres to fare better than average in 2023 but the inner London market may require another year before it is ready to rebound.”

But house prices could fall by 10% next year, according to experts at estate agents Savills. Mainstream London and the south east of England are expected to see the largest house price falls in the short term and the weakest performance over the coming five years, estate agent Savills thinks.

Property prices rose 13.6% in the year to August, according to the most recent house price index from the Office for National Statistics. But experts say they will fall, as the UK faces uncertain economic times.

The rising price of mortgages and the cost of living crisis are reducing our ability to buy homes, and less demand is meant to mean falling prices. Experts now think house prices will fall from between 8% and 15% next year.