Prices in Manchester and Wolverhampton up 63% in ten years: Rightmove – Mortgage Strategy
Manchester and Wolverhampton have seen the strongest property price growth over the past decade of any UK city, figures from Rightmove show.
The average asking price in both cities is up 63% since 2016, the study found.
In Manchester, it jumped from £160,422 to £261,891, while in Wolverhampton it rose to £229,094.
The UK’s most expensive city, London, also saw slower growth, with prices rising by 7% from £639,593 to £687,080.
Newport saw the next highest growth after Manchester and Wolverhampton, with asking prices rising 57% over the decade to £235,275.
Nottingham followed with growth of 53% to £210,238, followed by Wakefield and Salford, which both saw growth of 52% to £231,581 and £226,559 respectively.
The analysis also found that the four fastest growing local areas in the last 10 years were in Greater Manchester.
House prices in Levenshulme, Atherton, Droylsden and Failsworth rose by around 80% during this period.
Rightmove says accessibility, inward investment, transport links and changing working patterns have all contributed to Manchester’s strong performance.
The findings also point to evidence of a “spillover effect”, where price-conscious shoppers move out of big cities to nearby areas that offer better value.
Examples include movements from Manchester to Salford, Birmingham to Wolverhampton, and Leeds to Wakefield and Bradford.
None of the cities in the south of England appear in the top ten with the fastest price growth, but they make up half of the ten cities with the slowest growth.
Rightmove’s property expert Colleen Babcock says: “Manchester has been a huge success over the past decade, with strong price growth underlining its growing popularity among buyers.
“In contrast, London has seen slower growth over the same period, which shows how much the capital’s prices have limited the extent to which buyers can stretch.”
“Looking at the big picture, accessibility has been a key theme in building these pathways.
“Areas with lower initial prices have had more room for growth, which has contributed to the widening of the north-south divide in price growth trends over the past 10 years.
“Some shifts after this are still playing out, especially changes in work patterns.
“Greater flexibility in hybrid and remote working is still influencing where people choose to live, supporting demand for cities that offer better value and a different lifestyle.”
Maurice Kilbride Residential Sales managing director Maurice Kilbride says: “Manchester’s growth over the past decade has been phenomenal.
“Strong employment opportunities, significant inward investment, excellent transport links and a healthy lifestyle have helped attract people from across the UK and beyond.
“What is most remarkable is that the city’s success has spread to the center as well, as the surrounding areas benefit from increased demand as buyers look for convenient location, connectivity and quality of life.
“Having worked in the Greater Manchester property market for over 25 years, we have seen the area’s appeal increase significantly, helping to underpin continued price growth and making Manchester one of the UK’s leading property success stories over the past decade.”
