A new study has revealed the ten areas across Great Britain that have seen the biggest property price increases in the last decade.
The research found that Margate in Kent tops the list of property price hotspots, with average asking prices more than doubling from £148,763 to £308,508 in ten years – that’s a £159,745 (107 per cent) increase!
Brislington, in Bristol, is the second property price hotspot, with prices rising 104 per cent from £166,192 to £338,800 while Dover, in Kent, where the value of properties has also more than doubled (+101%) to £261,474 came third.
Mark Brooks, CEO of Miles & Barr in East Kent said: “It is no surprise to us to see Margate top the list of areas that have increased in price the most over the last ten years. Margate provides prospective buyers with the opportunity to live in a picturesque town with stunning views of the sea, and with travel time back to London taking less than 1 hour 30 minutes to St Pancras station, it is a place that allows many to either solely work from home or have a hybrid working solution. Developments such as the Turner Gallery and Dreamland, alongside investments by Kent County Council, have brought new energy to the town and they also have attracted tourists to Margate which increases the local economy.”
Areas in the South West and the South East made up the majority of the top ten hotspots, with four locations each. However, it was areas in the East of England that saw the biggest jump in asking prices with average increases of 63 per cent.
Meanwhile, in London, the researchers found areas around the newly opened Jubilee Line stations where properties have increased the most in value over the last ten years. Stratford topped the list, with asking prices near the station more than doubling on average (+102%) from £238,150 to £480,271 in a decade, while West Ham came second (+99%) and Wembley Park was third (+78%).
Rightmove’s Director of Property Science Tim Bannister said: “Homeowners in Kent are some of the biggest winners in this study, with four locations in the top ten, while for buyers, it’s easy to see the appeal in moving to an area near the coast for less the national average asking price. Bristol also emerges as a key hotspot, with four areas of the city also making up the top ten. With working patterns very different to that of a decade ago, it will be fascinating to see market dynamics in ten years from now, particularly in cities such as Bristol which may continue to attract more people who may have traditionally headed to London.”