An area of Bristol topped the list of locations in the UK that have seen the biggest increase in asking prices for property over the last 10 years, a report revealed today.
Easton, an inner suburb north-east of the West Country city, saw its average asking price for a home soar 120 per cent to £283,397 since 2010, according to Rightmove. That has been the hottest spot in the UK over the last decade according to the property website.
And six areas of Bristol dominated the top 10 locations outside London for asking price inflation, with places in Kent and Essex taking the other spots.
Bristol was home to six out of the top 10 areas outside London for asking price rises over the last 10 years, according to Rightmove
Nationally, London locations dominated the top 10 list, although the hottest area in the capital, Walthamstow, was still second to Easton with an asking price increase of 117 per cent.
Rightmove analysed changes in average asking prices between September 2010 and September 2020. So these are not necessarily the amounts for which properties were eventually sold, as recorded by the Land Registry.
Rightmove’s director of property data Tim Bannister said: ‘Demand for property in Bristol is exceptionally strong right now.
‘Average asking prices across Bristol as a whole are up by 60 per cent over the past decade and it’s one of the UK’s most thriving regional centres.
Top ten biggest increases in average asking prices since 2010, outside London
Top ten biggest increases in average asking prices since 2010, in London
‘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.’
The five other Bristol locations in the ‘Outside London’ top 10 were Whitehall, Totterdown, Eastville, Arnos Vale, and Redcliffe. Swanscombe and Stone in Kent, and Tilbury and Vange in Essex, complete Britain’s top 10 hotspots outside London.
Swanscombe is home to the major Ebbsfleet International high-speed rail link into the capital. The area has been in the news since last year as the proposed site for the London Resort, a £3.5billion theme park dubbed ‘Britain’s Disneyland’.
Swanscombe in Kent, one of the top hotspots outside London, has been in the news recently as the proposed site (pictured) for the London Resort, a Disneyland-style mega-theme park.
Andrew Morgan, director at Hollis Morgan Estate Agents & Auctioneers, said Bristol has good transport links, adding: ‘I also think, more recently, the working from home revolution has led to an even greater desire for people to move to Bristol.
Area (London unless specified), average asking price, change over 10 years
1. Easton, Bristol, £283,397, 120%
2. Walthamstow, £503,651, 117%
3. Peckham, £555,699, 107%
=4. Swanscombe, Kent, £327,106, 106%
=4. Tottenham, £465,902, 106%
6. Forest Gate, £479,363, 104%
7. Elephant & Castle, £510,139, 103%
8. Whitehall, Bristol, £295,574, 102%
9. Deptford, £483,917, 101%
10. Hackney, £617,306, 100%
‘People are now very aware of wanting access to outdoor space and we have that in abundance here.’
Glynis Frew, CEO of Hunters Estate Agents, said: ‘Bristol has long been known for its cosmopolitan nature and quality of life and over the past 10 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 strong local economy, two leading universities, excellent schools, green spaces and a vibrant cultural and foodie scene which people really love.’
Looking within London, Walthamstow has seen the biggest asking price boom, with average price tags up by 117 per cent since September 2010.
The London top five also includes Peckham, (up by 107 per cent), Tottenham (106 per cent), Forest Gate (104 per cent), and Elephant and Castle, (103 per cent).
Walthamstow was London’s top area for inflation in asking prices over the last decade, according to Rightmove, and second only to Easton in Bristol nationally
Nationally, average asking prices have risen by £93,046 in the past years, from £226,950 in September 2010 to £319,996 now – a 41 per cent increase.
Regionally, London and East of England have seen the biggest 10-year growth in average asking prices, up 62 per cent and 48 per cent respectively.
Top Ten biggest decreases in average asking prices since 2010
Nairn, near Inverness in the Highlands of Scotland is home to Cawdor Castle, home to scenes in Shakespeare’s Macbeth. Nairn came out as the area of the UK where asking prices fared worst in the last 10 years, according to Rightmove, with a fall of 15%.
Meanwhile, average asking prices in Wales have risen by 26 per cent compared with September 2010, and in Scotland, they are up by 21 per cent.
The places where average asking prices have not yet recovered from 2010 are primarily in Scotland and the North East, Rightmove said.
Nairn in Scotland (down by 15 per cent), and Linthorpe in Middlesbrough (down 12 per cent), have seen the biggest decreases in average asking prices since September 2010.
Here are the locations with the top 10 biggest increases in average asking prices since 2010, outside London, according to Rightmove. Figures show the average asking price in September 2020 and the percentage change since September 2010:
Tilbury in Essex was the fourth non-London hotspot, with asking prices rising 97% since 2010.
Regional ten-year change in average asking prices since 2010