House price patterns have changed significantly over the past 10 years (Image: Getty)
A northern UK city has seen house prices surpass those in London over the past decade. Property website Rightmove has brought new data to life, revealing a north-south divide reshaping the UK property map, with Manchester crowned Britain’s top city for house price growth, leaving the capital trailing far behind.
In the past 10 years, average asking prices in Manchester have soared by 63%. The average price of a home in Manchester now stands at £261,891 – about £100,000 more than the figure recorded a decade ago.
Much like the rest of the UK, this means those seeking a first foothold on the property ladder may struggle. However, for existing homeowners, it is a huge boost.
The average price of home in Manchester now stands at £261,891 (Image: Getty)
London, the most expensive city in the UK with an average asking price of £687,080, has seen growth of just 7% – up from £639,593 10 years ago.
This means London sits firmly at the bottom of Rightmove’s league table for percentage price growth.
Wolverhampton comes in as a very close second to Manchester at 63% growth, with Newport on 57%, Nottingham on 53% and Wakefield and Salford both on 52%.
Bradford, Stoke-on-Trent, Doncaster and Swansea round out the second half of the top 10 fastest-growing cities. Interestingly, not one of them is in the south of England.
That is no accident, according to Rightmove, which said the data reveal a longer-term north-south divide. The pandemic is also said to have played a significant role in working patterns.
London’s average asking price is £687,080 (Image: Getty)
Demand in cities outside of London has grown as hybrid and remote working opportunities allow people to move out of the capital in search of better value and a different quality of life.
Colleen Babcock, a property expert at Rightmove, said: “Manchester is a big winner of the past decade, with strong price growth underlining its growing popularity among buyers.
“By contrast, London has seen much slower growth, reflecting how higher prices in the capital have limited how much further buyers can stretch. Greater flexibility through hybrid and remote working is still influencing where people choose to live, supporting demand in cities that offer better value and a different lifestyle balance.”
Maurice Kilbride, managing director at Maurice Kilbride Residential Sales in Cheadle, said: “Manchester’s growth over the past decade has been extraordinary.
“Strong employment opportunities, significant inward investment, excellent transport links and a vibrant lifestyle offering have helped attract people from across the UK and beyond.”
