A northern UK city has experienced house price growth that far exceeds London over the past decade, according to new data from property website Rightmove. The figures reveal a stark north-south divide reshaping the UK property market, with Manchester crowned as the top city for price increases.
Manchester Leads the Way
Over the last 10 years, average asking prices in Manchester have soared by 63%. The typical home in Manchester now costs £261,891, which is approximately £100,000 more than a decade ago. This surge has made it increasingly difficult for first-time buyers to enter the market, but it has been a significant boost for existing homeowners.
London Trails Behind
In contrast, London, the UK's most expensive city with an average asking price of £687,080, has seen growth of just 7% since 2016, up from £639,593. This places the capital at the bottom of Rightmove's league table for percentage price growth.
Wolverhampton closely follows Manchester with 63% growth, while Newport (57%), Nottingham (53%), Wakefield (52%), and Salford (52%) also feature prominently. Bradford, Stoke-on-Trent, Doncaster, and Swansea complete the top 10 fastest-growing cities, none of which are located in southern England.
North-South Divide Deepens
Rightmove attributes this trend to a longer-term north-south divide, exacerbated by the pandemic's impact on working patterns. The rise of hybrid and remote working has enabled people to leave London in search of better value and quality of life in other cities.
Colleen Babcock, a property expert at Rightmove, commented: “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, reflecting how higher prices in the capital have limited how much further buyers can stretch. 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.”
Maurice Kilbride, managing director at Maurice Kilbride Residential Sales in Cheadle, added: “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.”
