Manchester leads UK city property price growth – Rightmove
The report found the average asking price for a home in Manchester is now £261,891, up 63% from £160,422 10 years ago.
Manchester has seen the fastest property price growth of any UK city in the last decade, according to new analysis from Rightmove.
The report found the average asking price for a home in Manchester is now £261,891, up 63% from £160,422 10 years ago.
London had the slowest growth, with average prices rising just 7% to £687,080.
The data showed the four fastest growing local areas for prices in the last decade were all suburbs of Greater Manchester, with Levenshulme, Atherton, Droylsden and Failsworth each seeing price increases of around 80%.
No cities in southern England featured in the top 10 for price growth, while half of the slowest growing cities were in the South.
Rightmove said affordability was a key factor in these trends, as cities with lower starting prices had more room for growth.
The analysis also pointed to spillover effects, with demand moving from major cities to cheaper nearby cities such as Salford, Wolverhampton, Wakefield and Bradford.
Colleen Babcock, 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.”
Babcock added: “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.
“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.”
REACTION:
Maurice Kilbride, managing director at Maurice Kilbride Residential Sales in Cheadle:
“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 at NAEA Propertymark:
“Affordability has become one of the strongest drivers of house price growth over the past decade.
“Cities such as Manchester, Wolverhampton and Nottingham have benefited from lower starting price points, while higher-value markets like London have faced natural affordability constraints. Manchester’s success reflects more than affordability alone.
“Strong economic growth, regeneration, investment, transport improvements and changing working patterns have all helped boost demand, with growth increasingly spreading into surrounding suburbs.
“The data also reinforces a broader shift away from a London-centric market, with regional cities across the North and Midlands emerging as major growth centres.
“Looking ahead, areas that combine affordability with strong economic fundamentals are likely to remain attractive, though increasing housing supply will be essential to maintain accessibility.”
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