House prices are growing faster in cities such as Manchester, Portsmouth and Bristol than they are in London as sales of high-end homes in the capital have stagnated.
London house price growth has more than halved in the past 12 months, down from annual growth of 12.8 per cent in February 2016, to 5.6 per cent this year.
The average house price in the capital hit £488,000 last month, according to figures from Hometrack.
But that figure does not reveal the substantial variation in prices throughout the city. Falling prices on high-end homes in the centre of London has been dragging on overall house price growth, but double-digit inflation is still being recorded in the outer boroughs.
Meanwhile, house prices are rocketing in Manchester and Portsmouth, where prices grew by 8.8 per cent and 8.1 per cent respectively. These are the cities in the UK where house prices are shooting up:
|City||Average price||Annual growth, Feb 2017||Annual growth, Feb 2016|
|Manchester||£151,800||8.8 per cent||4.9 per cent|
|Portsmouth||£225,600||8.1 per cent||8.1 per cent|
|Bristol||£261,900||8.0 per cent||12.0 per cent|
|Glasgow||£117,900||7.7 per cent||1.2 per cent|
|Birmingham||£148,300||7.4 per cent||5.7 per cent|
|Leicester||£162,400||7.2 per cent||6.3 per cent|
|Liverpool||£115,600||6.8 per cent||1.6 per cent|
|Bournemouth||£275,500||6.2 per cent||8.0 per cent|
|Southampton||£220,600||6.0 per cent||7.8 per cent|
|London||£488,700||5.6 per cent||12.8 per cent|
Former chancellor George Osborne predicted there would be a housing market crash if the UK voted for Brexit, but a property crisis has not materialised yet.
Many are still worried about how a spending squeeze may impact UK property, however.
Richard Donnell, insight director at Hometrack, said: "Buyers are fully aware of the government's plans and timescales for Brexit but there remains huge uncertainty over what this means for the economy over the next two to three years and beyond.
"In cities where affordability remains attractive we expect demand to hold up in the short term albeit with slower growth in sales volumes."