Distribution warehouse in city of Bristol outperforming London due to high demand

Regional cities in the UK are starting to outperform London as places like Sheffield, Bristol, Cardiff and Manchester see prices for top end properties increase due to rising demand as being located outside the capital becomes increasingly desirable.

New figures published today by PrimeLocation show that overall prime property asking prices increased by 3.4% across Britain in first half of 2011. But there has been a change in dynamics with these cities recording stronger growth than London in first six months of the year.

Sheffield saw a 10.6% price increase, Bristol was up 9.7%, Greater Manchester up 7.9% and Cardiff up 8.1%, all more than three times that of the capital, where prime asking prices increase by just 2.7%.

Nigel Lewis, property analyst at PrimeLocation said ‘Asking prices in cities such as Sheffield, Bristol and Manchester have all rocketed in 2011, highlighting that demand for property outside of the Capital is as strong as, if not stronger than, London,’ he added.

Source: Property Wire