Northern towns trails the rest of UK when it comes to growth in property asking prices over the past decade, while Margate has been identified as the number one property hotspot, according to new research published today.
Asking prices of homes in Margate, Kent, have more than doubled on average since 2012 (+102%) and are now over £100,000 higher, standing at an average of £294,209.
Horfield in Bristol is the second hotspot, where prices are up 96% to £385,003 on average, and third on the list is Dover where prices are also up by 96%, to £254,100.
At the bottom is Middlesbrough, where homes on average are now just 6% more expensive than they were ten years ago, at £132,792. Between 2012 and 2016 prices in the town dropped by 2% and have since grown by 8%.
Second on the lowest price growth list is Peterlee in County Durham where prices are up by 8% to £112,263, and third on the list is Hartlepool, up by 9% to £136,088.
Across Great Britain average asking prices have risen by an average of 53% over the past ten years from £222,989 to £341,019, with significant differences by region. Prices in the strongest performing region, the East of England, are up by 65%, while prices in the weakest performing region, the North East, are up by 25%.
Rightmove’s director of property data, Tim Bannister, commented: “House prices rising so quickly in these areas of the South is a sign of increased demand outstripping supply over the past ten years, with areas such as Margate and Hastings offering a life by the coast at a price lower than the national average.
“The government’s target in their Levelling Up Paper to increase the numbers of first-time buyers is welcome news, but they need to ensure their plans to achieve this consider all areas of Great Britain, especially places where the rising cost of rent means many people are struggling to save enough for a deposit.”
Highest asking price growth areas:
Margate, Kent – £294,209 in January 2022, up from £145,311 in January 2012 (+102.5%)
Horfield, Bristol – £385,003, up from £196,468 (+96%)
Dover, Kent – £254,100, up from £129,902 (+95.6%)
Sheerness, Kent – £271,570 up from £140,407 (+93.4%)
Basildon, Essex – £328,696 up from £171,762 (+91.4%)
Dartford, Kent – £352,386 up from£184,349 (+91.2%)
Broadstairs, Kent – £462,323 up from£242,808 (+90.4%)
Hastings, East Sussex – £310,182 up from £163,530 (+89.7%)
Walderslade, Kent – £321,506 up from £170,158 (+88.9%)
Bedminster, Bristol – £354,336 up from £187,954 (+88.5%)
Lowest asking price growth areas
Middlesbrough, North Yorkshire – £132,792 up from £125,005 (+6.2%)
Peterlee, County Durham – £112,263 up from £103,557 (+8.4%)
Hartlepool, North East – £136,088 up from £124,938 (+8.9%)
Kilmarnock, Ayrshire Scotland – £117,085 up from £104,843 (+11.7%)
Newcastle, Upon Tyne North East – £199,230 up from£177,552 (+12.2%)
Blackpool, Lancashire North West – £139,295 up from £124,075 (+12.3%)
Fleetwood, Lancashire North West – £135,202 up from £120,321 (+12.4%)
Stanley, County Durham North East – £117,500 up from £104,468 (+12.5%)
Sunderland, Tyne And Wear North East – £149,758 up from £133,027 (+12.6%)
Houghton Le Spring, County Durham North East – £148,614 up from £131,790 (+12.8%)
Asking price change by region
East of England – £396,135 up from £239,902 (+65%)
South East – £450,918 up from £281,314 (+60%)
West Midlands – £262,825 up from £164,641 (+60%)
East Midlands – £266,725 up from £167,697 (+59%)
South West – £359,201 up from £227,969 (+58%)
London – £629,286 up from £405,709 (+55%)
Wales – £230,813 up from £152,400 (+51%)
North West – £228,866 up from £154,795 (+48%)
Scotland – £162,415 up from £112,478 (+44%)
Yorkshire and The Humber – £214,988 up from £152,291 (+41%)
North East – £165,277 up from £132,321 (+25%)