House prices in almost half of UK cities are still not back to where they were before the crash.

However, 11 out of 20 UK cities have now surpassed their 2007 peaks.

London has done so by 36.5%, Cambridge by 34.7% and Oxford by 31.1%.

The cities furthest from their peak are Belfast at minus 47.7%, Liverpool at minus 14% and Glasgow at minus 12.8%.

Other cities still below peak are Leeds, Manchester, Nottingham, Birmingham, Edinburgh and Sheffield.

However, house prices in all 20 cities covered by the new Hometrack survey have shown gains in the last 12 months, ranging from £4,200 in Liverpool to £41,700 in Oxford.

On a monthly basis, house prices in Bristol grew the most, with a 1.3% gain in May.

Richard Donnell, director of research atHometrack, said: “House prices have picked up momentum post-election. An increasing proportion of households are feeling the benefits of the improving economy, which means that house price growth is set to continue in the coming months.

“The greatest risk is an earlier than expected increase in interest rates which would knock market sentiment.

“The strong demand-side recovery seen in southern England has yet to spread to other cities revealing the diverse nature of the housing market.

“All cities are making gains at different rates of growth, but the cities with the biggest increases all have something in common – strong local economies.

“Affordability pressures will bite at some point in the high value, high growth markets.

“The double digit price growth registered in cities such as London, Oxford and Cambridge is being sustained by a lack of supply and below average transaction volumes with a third of sales funded by cash or buy to let mortgages. London has the highest price to earnings ratio, but it covers a wide range of sub- markets.

“Over the last three years, the impetus for house price growth has shifted from prime markets to the more affordable markets in outer London and the commuter belt.”