New long-term analysis from the UK’s largest property platform Rightmove reveals that Manchester is the fastest growing city for prices over the last 10 years, while London is the slowest.
The study analysed millions of supply, demand and pricing data points to look at trends in the property market over the last ten years.
The study analysed millions of supply, demand and pricing data points to look at trends in the property market over the last ten years.
Spotlight on Manchester
The average asking price for a home in Manchester is £261,891 – 63% higher than 10 years ago when it was £160,422.
By contrast, the average asking price for a home in London is now £687,080, which although makes London the most expensive city in Great Britain, is only 7% higher than 10 years ago when the average price was £639,593.
Digging deeper into the data and beyond just the cities, localised analysis shows that the top four local areas where prices have grown the fastest over the last ten years are all suburbs of Greater Manchester, highlighting the price growth success of the area.
Prices in Levenshulme, Atherton, Droylsden and Failsworth in Greater Manchester have all accelerated by around 80% over the last ten years.
Local property experts suggest growth, investment, affordability, transport links and lifestyle have all played a part in the Manchester success story.
10-year trends
The long-term analysis showed a broader north-south divide for house price growth over the last ten years.
No southern England cities appear in the top ten for fastest growing price over the last ten years. Alternatively, the top ten cities where prices have grown the slowest over the last ten years is made up of half southern England cities.
Affordability is a big driver of trends in several ways. With southern areas being more expensive, they have had less headroom to accelerate in prices over the last ten years. The areas where prices have grown the least are also some of the most expensive overall, including London, Oxford, St. Albans and Winchester as examples.
Additionally, the data indicates there could be a spillover from some major cities into other cities nearby, driven by affordability. For example, from Manchester into Salford, Birmingham into Wolverhampton or Leeds into Wakefield and Bradford. Prices in these ‘spillover’ cities are all lower than their counterparts.
The last ten years has seen multiple events affect the property market, bringing short and long-lasting trends. The impact of hybrid and remote working is continuing to influence where people can live, and meaning more can consider living outside of London.
Colleen Babcock, Rightmove’s property expert says: “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. 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.”
Maurice Kilbride, Managing Director at Maurice Kilbride Residential Sales in Cheadle, Greater Manchester says: “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, NAEA Propertymark President, comments:
“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.”
