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Margate tops the list of hotspots where property values have doubled in a decade  


The seaside town of Margate has seen property asking prices rise the most during the past decade, new research has revealed.

The top ten locations that have seen asking prices rise the most – and least – during the past decade, have been identified by Rightmove.

The Kent town, which has gone through major rejuvenation in recent years including the Dreamland Amusement Park, tops the list of highest rises since 2012, with an increase of 102.5 per cent, from £145,311 to £294,209.

Rightmove identified the top ten locations that have seen these figures rise the most during the past decade

The seaside town of Margate (pictured) - has seen property asking prices rise the most during the past decade

The seaside town of Margate (pictured) – has seen property asking prices rise the most during the past decade

It is followed by the suburb of Horfield in Bristol, where average asking prices have increased 96 per cent since 2012, from £196,468 to £385,003.

And third on the list is also in Kent, with Dover up 95.6 per cent, from an average of £129,902 to £254,100.

This four-bedroom end of terrace property in Margate is on the market for £300,000 via Thomas & Partners

This four-bedroom end of terrace property in Margate is on the market for £300,000 via Thomas & Partners

PLACES WITH THE HIGHEST GROWTH IN ASKING PRICES 
Location Region Average Asking Price Jan 2022 Average Asking Price Jan 2012 % change
Margate, Kent South East £294,209 £145,311 102.5%
Horfield, Bristol South West £385,003 £196,468 96.0%
Dover, Kent South East £254,100 £129,902 95.6%
Sheerness, Kent South East £271,570 £140,407 93.4%
Basildon, Essex East of England £328,696 £171,762 91.4%
Dartford, Kent South East £352,386 £184,349 91.2%
Broadstairs, Kent South East £462,323 £242,808 90.4%
Hastings, East Sussex South East £310,182 £163,530 89.7%
Walderslade, Kent South East £321,506 £170,158 88.9%
Bedminster, Bristol South West £354,336 £187,954 88.5%
Source: Rightmove         

By contrast, the place that has seen the lowest growth in asking prices is Middlesbrough, where homes on average are now 6 per cent more expensive than they were 10 years ago, at £132,792.

Between 2012 and 2016, asking prices in the town dropped by 2 per cent and have since grown by 8 per cent.

Overall, across Britain, average asking prices have risen 53 per cent in the past 10 years from £222,989 to £341,019, with significant differences by region.

Second on the lowest price growth list is Peterlee in County Durham, where prices are up by 8 per cent to £112,263, and third on the list is Hartlepool, up 9 per cent to £136,088.

Overall, across Britain, average asking prices have risen 53 per cent in the past 10 years from 222,989 to £341,019, with significant differences by region.

This end of terrace property in Dover has two bedrooms and is for sale for £250,000 via Tersons estate agents

This end of terrace property in Dover has two bedrooms and is for sale for £250,000 via Tersons estate agents

PLACES WITH THE LOWEST GROWTH IN ASKING PRICES
Location Region Average Asking Price Jan 2022 Average Asking Price Jan 2012 % change
Middlesbrough, North Yorkshire North East £132,792 £125,005 6.2%
Peterlee, County Durham North East £112,263 £103,557 8.4%
Hartlepool North East £136,088 £124,938 8.9%
Kilmarnock, Ayrshire Scotland £117,085 £104,843 11.7%
Newcastle Upon Tyne North East £199,230 £177,552 12.2%
Blackpool, Lancashire North West £139,295 £124,075 12.3%
Fleetwood, Lancashire North West £135,202 £120,321 12.4%
Stanley, County Durham North East £117,500 £104,468 12.5%
Sunderland, Tyne And Wear North East £149,758 £133,027 12.6%
Houghton Le Spring, County Durham North East £148,614 £131,790 12.8%
Source: Rightmove         

Prices in the strongest performing region, the East of England, are up 65 per cent, while prices in the weakest performing region, the North East, are up by 25 per cent.

Rightmove’s 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.

This three-bedroom terrace house in St Leonards-On-Sea, Hastings, is for sale for £260,000 via Fox & Sons estate agents

This three-bedroom terrace house in St Leonards-On-Sea, Hastings, is for sale for £260,000 via Fox & Sons estate agents

GROWTH IN ASKING PRICES ACROSS DIFFERENT REGIONS
Region Average Asking Price Jan 2022 Average Asking Price Jan 2012 % change
East of England £396,135 £239,902 65%
South East £450,918 £281,314 60%
West Midlands £262,825 £164,641 60%
East Midlands £266,725 £167,697 59%
South West £359,201 £227,969 58%
London £629,286 £405,709 55%
Wales £230,813 £152,400 51%
North West £228,866 £154,795 48%
Scotland £162,415 £112,478 44%
Yorkshire and The Humber £214,988 £152,291 41%
North East £165,277 £132,321 25%
Rightmove       

Mark Brooks, of Miles & Barr estate agents in East Kent, said: ‘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.’

Margate has direct train links to London St Pancras, which take around one hour 30 minutes.  



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