Manchester's house prices have skyrocketed by a staggering 63% over the past decade, outpacing every other UK city, including London. According to Rightmove's analysis of millions of property listings and buyer demand indicators, the average asking price in Manchester now stands at £261,891, a significant jump from £160,422 ten years ago.
London, on the other hand, has seen its house prices rise by just 7% over the same period. Despite an increase from £639,593 to £687,080, London remains the most expensive city in the UK. Rightmove's property expert, Colleen Babcock, pointed out that higher prices have limited buyer options, contributing to slower growth.
The data suggests affordability is a key factor driving regional disparities. Cities with lower initial price points, such as Wolverhampton (£229,094) and Nottingham, have shown more capacity for growth, mirroring Manchester's 63% increase and rising by 57% and 53%, respectively. Newport also saw substantial rises.
According to Mary-Lou Press, President of NAEA Propertymark, while affordability is crucial, Manchester's success can be attributed to strong economic growth, urban regeneration, significant investment, and improvements in transport infrastructure. This combination has fuelled demand, with growth now extending beyond the city centre into surrounding suburbs.
Greater Manchester's price surge has been widespread, with four local areas – Levenshulme, Atherton, Droylsden, and Failsworth – experiencing increases of approximately 80% over the ten-year period. Meanwhile, none of the top 10 cities for fastest price growth are located in southern England, where several expensive markets like Oxford, St Albans, and Winchester have seen smaller increases due to existing high price points.