With national average asking prices rising by £93k in ten years, newly released data from Rightmove reveals where homeowners outside the capital have seen the biggest increase in their home's value.
The new study analysed average asking price increases of almost two million properties between September 2010 and September 2020 and found that Bristol is home to Britain’s top spot, as well as six of the top ten places outside of London.
In particular, Easton, an inner-city neighbourhood in Bristol, has seen the biggest ten-year surge of anywhere in Great Britain, with asking prices more than doubling (+120%) over the past decade. The current average asking price in Easton is £283,397. This is an increase of almost £155,000 from ten years ago and is one of the relatively more affordable areas of the city.
The five other Bristol locations in our top ten include Whitehall, Totterdown, Eastville, Arnos Vale, and Redcliffe. Swanscombe and Stone in Kent, and Tilbury and Vange in Essex, complete the table.
In London, Walthamstow is where average asking prices have increased the most over the past ten years. Prices in the northeast London enclave have soared by117% since September 2010. The rest of the top five is made up of locations in north, east and south London: Peckham, up 107%; Tottenham, up 106%; Forest Gate up 104%; and Elephant and Castle, up 103%.
Across the capital, every location in the data set has seen prices increase over the past decade.
Nationally, average asking prices have risen by £93,046 in ten years, from £226,950 in September 2010 to £319,996 now, which equates to an increase of 41%.
Across the different sectors, asking prices for first-time buyer properties of two bedrooms or fewer have increased by 39% in ten years, second-stepper homes of three and four bedrooms are up 41%, and top-of-the-ladder properties of five bedrooms and above have risen by 32%.
Regionally, London and East of England have seen the largest ten-year growth in average asking prices, up 62% and 48% respectively.
Meanwhile, average asking prices in Wales have risen by 26% compared with September 2010, and in Scotland, they’re up by 21%.
The places where average asking prices haven’t yet recovered from 2010 are primarily in Scotland and the North East. Nairn in Scotland, down 15%, and Linthorpe in Middlesbrough, down 12%, have seen the biggest decreases in average asking prices since September 2010.
Tim Bannister, Rightmove’s Director of Property Data, comments:
“Demand for property in Bristol is exceptionally strong right now. Average asking prices across Bristol as a whole are up by 60% over the past decade and it’s one of the UK’s most thriving regional centres. Bristol has a highly diverse mix of housing stock and is a city where a number of tech companies have based themselves, making it a very attractive place to move to for many buyers. We know that demand leads to rising prices, but even so, it’s quite a feat that some locations in the city have seen asking prices double since September 2010. If you’re a seller who’s lived in Bristol for ten or more years, this could be a real opportunity to have a look and see if you could afford to trade up.”
Glynis Frew, CEO of Hunters Estate Agents, added: “Bristol has long been known for its cosmopolitan nature and quality of life and over the past ten years has gradually been drawing people from London who realise they can have a similar lifestyle at a more affordable price. For example, Clifton resembles leafy west London, while Southville feels like Hackney or Peckham and is popular with young professionals and creatives.
“Bristol has an ideal mix of a strong local economy, two leading universities, excellent schools, green spaces and a vibrant cultural and foodie scene which people really love.
“It’s still within commutable distance of London, around 70 minutes by direct train, for those who need to be there a few times a week and the rise of flexible home working will only help to boost Bristol’s appeal going forwards.”