Manchester fastest, London slowest – north south divide in house prices
The northern city tops Rightmove's list of the most rapid increases in property prices in the past 10 years.
Manchester tops the league table of cities with the fastest house price growth in the last 10 years with London lagging well behind.
Prices in the northern city are up 63%, while in the Capital they have risen 7% during the same period.
The analysis by Rightmove also shows the four fastest growing local areas are all suburbs in Greater Manchester.
North south divide
Indeed, the study reveals a north versus south divide, with southern England cities making up none of the top 10 fastest growing for prices, and half of the top 10 slowest.
Wolverhampton, Newport and Nottingham are next on the list of cities which have seen the largest increase in prices in the past 10 years.
Manchester is a big winner of the past decade.”
Colleen Babcock, Head of Partner Marketing at Rightmove, says: “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 over the same period, reflecting how higher prices in the capital have limited how much further buyers can stretch.
“Areas with lower starting price points have had more room for growth, which has contributed to a widening north-south divide in price growth trends over the last ten years.”
Extraordinary
And Maurice Kilbride, Managing Director at Maurice Kilbride Residential Sales in Cheadle, Greater Manchester, says: “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.
“What’s particularly noticeable is that the city’s success has extended well beyond the centre, with surrounding suburbs also benefiting from increased demand as buyers look for a balance of space, connectivity and quality of life.”
