Manchester's meteoric rise as a top UK property hotspot is leaving London lagging far behind. A decade-long analysis from Rightmove reveals a stark geographical divide in house prices, with northern cities like Manchester outperforming their southern counterparts by a significant margin.
Average asking prices in Manchester have skyrocketed by 63% over the past ten years, jumping from £160,422 to £261,891. In contrast, London's average asking prices have risen by just 7%, moving from around £639,593 to £687,080. This chasm in house price growth is underpinned by a widening affordability gap between northern and southern England.
Manchester is not alone in its success – other northern cities like Wolverhampton, Newport, and Nottingham have also seen substantial increases. According to Rightmove, the trend is driven by buyers seeking better value beyond traditionally high-priced urban centres. This phenomenon is particularly evident in Greater Manchester, where four local areas – Levenshulme, Atherton, Droylsden, and Failsworth – have witnessed asking prices rise by approximately 80% since 2016.
Neighbouring locations like Salford, Wakefield, and Bradford are also benefiting from their proximity to major employment hubs, offering affordable housing options for commuters and those with flexible working arrangements. The shift towards hybrid and remote working has reduced the necessity for some workers to reside near traditional employment centres like London.
Colleen Babcock from Rightmove attributes Manchester's strong price growth to its growing popularity among buyers, while highlighting that London's slower growth is a result of higher prices limiting further upward movement. She notes that affordability has been a key driver, allowing areas with lower starting price points more room for growth – a factor contributing to the north-south divergence in price trends over the past decade.