Asking prices show no sign of Levelling Up

Average asking prices in Britain have risen by 53 per cent over the past 10 years according to Rightmove.

They have risen from £222,989 to £341,019, with significant differences by region.

And broadly speaking the most expensive regions have performed most strongly - flying in the face of the new Levelling Up agenda.

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

Asking prices of homes in Margate have more than doubled on average since 2012 - up 102 per cent - and are now over £100,000 higher, standing at an average of £294,209.

Horfield in Bristol is the second hotspot, where prices are up 96 per cent to £385,003 on average, and third on the list is Dover where prices are also up by 96 per cent to £254,100.

At the bottom is Middlesbrough, where homes on average are now just six per cent more expensive than they were ten years ago, at £132,792. Between 2012 and 2016 prices in the town dropped by two per cent and have since grown by per cent. 

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

Rightmove’s Director of Property Data 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. 

“The government’s target in their Levelling Up Paper to increase the numbers of first-time buyers is welcome news, but they need to ensure their plans to achieve this consider all areas of Great Britain, especially places where the rising cost of rent means many people are struggling to save enough for a deposit.”