Manchester has emerged as the UK's leading city for the growth in average home asking prices over the last decade.
In stark contrast, London finds itself at the bottom of this ranking, according to data compiled by property website Rightmove.
The average price tag on a Manchester home has soared at nine times the rate seen in the capital over the same period.
Rightmove's analysis reveals a substantial 63 per cent surge in Manchester's average asking prices over the past decade, significantly dwarfing London's modest 7 per cent increase.
While this significant appreciation has undoubtedly enriched many Manchester homeowners , it simultaneously risks making home ownership increasingly unattainable for those hoping to get a first foothold on the property ladder in the vibrant northern hub.
The average asking price for a home in Manchester is £261,891 according to Rightmove – around £100,000 higher than it was 10 years ago, at £160,422.
Rightmove said the analysis also reveals a longer-term “north versus south” divide, with no cities in southern England appearing in its top 10 locations for the fastest growth in asking prices over the past 10 years, while the south dominates its list for the slowest growth.
Rightmove found that the average asking price for a home in Manchester has surged by 63% over the past 10 years, compared with a 7% uptick in London (Yui Mok/PA)
Wolverhampton , Newport and Nottingham are among the cities with the fastest asking price growth recorded by the website.
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The average asking price for a home in Manchester is £261,891 – 63 per cent higher than 10 years ago, when it was £160,422.
Looking at locations in and around Manchester, asking prices in Levenshulme, Atherton, Droylsden and Failsworth have grown by around 80 per cent on average over the past 10 years, Rightmove said.
Although asking prices have only climbed by seven per cent in London, it remains the most expensive city in the research, with an average asking price of £687,080, compared with £639,593 10 years ago.
The areas where asking prices for homes have grown the least in percentage terms are also some of the most expensive cities to buy a home, including Oxford, St Albans and Winchester.
Rightmove said its data also indicates a “spill over” from some major cities into locations nearby, as home buyers cast their nets more widely to search for value, for example, from Manchester into Salford, Birmingham into Wolverhampton or Leeds into Wakefield and Bradford.
Prices in spillover locations are lower than their counterparts, Rightmove said.
The impact of hybrid and remote working is continuing to influence where people can live, and meaning more people can consider living outside of London.
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 over the same period, reflecting how higher prices in the capital have limited how much further buyers can stretch.
“Looking at the bigger picture, affordability has been a central theme shaping these trends.
“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 10 years.
“Some of the shifts behind this are continuing to play out, particularly changes in working patterns.
“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.”
Although asking prices have only climbed by seven per cent in London, it remains the most expensive city in the research (John Giles/PA)
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.
“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.
“Having worked in the Greater Manchester property market for over 25 years, we’ve seen the area’s appeal broaden considerably, helping to support sustained price growth and making Manchester one of the UK’s standout property success stories of the last decade.”
Mary-Lou Press, president of NAEA (National Association of Estate Agents) Propertymark, said: “Manchester’s success reflects more than affordability alone.
“Stro…
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