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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
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
| 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
| 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
| 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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