Rightmove : Margate named house price hotspot as Northern towns lag behind

Margate named house price hotspot as Northern towns lag behind

• Following last week's release of the government's Levelling Up White Paper, new analysis reveals the areas that have seen the highest and lowest house price growth over the past decade
• Margate in Kent tops the list of asking price growth hotspots, with prices more than doubling (+102%) in ten years, while Middlesbrough has seen the lowest asking price growth of just 6%
• Five of the ten areas with the lowest house price growth are in County Durham and County Lancashire
• Across Great Britain average asking prices have risen by more than £100,000 over the past ten years, up by 53% to £341,019

The UK's biggest property website Rightmove today reveals the local areas across Great Britain where homeowners have seen the value of their home increase the most and least over the past ten years, with a clear North-South split emerging.

Asking prices of homes in Margate have more than doubled on average since 2012 (+102%), 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 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 said: "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."

Mark Brooks, CEO of Miles & Barr in East Kent says: "We've witnessed the surge of demand for properties first hand and it's no surprise that three of the towns we operate within are placed in the top ten price hotspots. The South East has seen a great influx of those living in urban areas such as London, looking to relocate to the golden sand beaches and tranquil lifestyle of the coast or countryside. The shift to flexible and home working, added to a wide range of transport links back to London, has led to many fleeing the city.

"Kent County Council has invested heavily in Margate in recent years, in an attempt to recapture the high tourist levels seen years ago. Developments such as the Turner Gallery are helping attract tourists back to the town, increasing the local economy.

"The opening of St James shopping centre back in 2018 has significantly impacted the popularity of Dover. The 8-acre site offers a range of retail and leisure shops and activities in the heart of Dover town and has attracted significant footfall since its opening. In late 2020, it was also announced that plans were being worked on to improve an existing train line from Dover Priory to London St Pancras, which would take less than 60 minutes in travel time, adding to the list of fast transport links back to the city. Broadstairs has seen great interest in recent years from buyers all over. Situated on the 'Kent Riviera', Broadstairs is arguably most famous due to the inspired work of Charles Dickens who was a regular visitor to the town in the mid-19th Century."

ENDS