Easton in Bristol crowned top property hotspot of last ten years

  • Six of the top ten locations where asking prices have increased the most over the past ten years outside London are in Bristol
  • Easton, an inner city area of Bristol, has seen average asking prices more than double (+120%) over the past decade – a bigger ten-year surge than anywhere in Great Britain
  • Areas of Kent and Essex complete the top ten, while in the capital, Walthamstow (+117%), Peckham (+107%) and Tottenham (+106%) lead the way
  • Nationally, average asking prices have risen by £93,000 in ten years (+41%), and at a regional level, London (+62%) and East of England (+48%) have seen the largest growth
  • The places where average asking prices haven’t yet recovered from 2010 are primarily in Scotland and the North East, with asking prices in Nairn down 15% on September 2010

Homeowners in Bristol are the housing market’s biggest winners of the last decade, according to new data out today from the UK’s biggest property website Rightmove.

A new study analysing average asking price increases of almost two million properties between September 2010 and September 2020 found that Bristol is home to Britain’s top spot, as well as six of the top ten places outside of London.

Easton, an inner city neighbourhood in Bristol, has seen the biggest ten-year surge of anywhere in Great Britain, with asking prices more than doubling (+120%) over the past decade.

The current average asking price in Easton is £283,397. This is an increase of almost £155,000 from ten years ago and is one of the relatively more affordable areas of the city.

The five other Bristol locations in our top ten include Whitehall, Totterdown, Eastville, Arnos Vale, and Redcliffe. Swanscombe and Stone in Kent, and Tilbury and Vange in Essex, complete the table.

In London, Walthamstow is where average asking prices have increased the most over the past ten years. Prices in the northeast London enclave have soared by117% since September 2010.

The rest of the top five is made up of locations in north, east and south London: Peckham, up 107%; Tottenham, up 106%; Forest Gate up 104%; and Elephant and Castle, up 103%.

Across the capital, every location in our data set has seen prices increase over the past decade.

Nationally, average asking prices have risen by £93,046 in ten years, from £226,950 in September 2010 to £319,996 now, which equates to an increase of 41%.

Across the different sectors, asking prices for first-time buyer properties of two bedrooms or fewer have increased by 39% in ten years, second-stepper homes of three and four bedrooms are up 41%, and top-of-the-ladder properties of five bedrooms and above have risen by 32%.

Regionally, London and East of England have seen the largest ten-year growth in average asking prices, up 62% and 48% respectively.

Meanwhile average asking prices in Wales have risen by 26% compared with September 2010, and in Scotland, they’re up by 21%.

The places where average asking prices haven’t yet recovered from 2010 are primarily in Scotland and the North East. Nairn in Scotland, down 15%, and Linthorpe in Middlesbrough, down 12%, have seen the biggest decreases in average asking prices since September 2010.

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% over the past decade and it’s one of the UK’s most thriving regional centres. 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. We know that demand leads to rising prices, but even so, it’s quite a feat that some locations in the city have seen asking prices double since September 2010. If you’re a seller who’s lived in Bristol for ten or more years, this could be a real opportunity to have a look and see if you could afford to trade up.”

Agents’ views

Andrew Morgan, director at Hollis Morgan Estate Agents & Auctioneers, said: “Bristol offers its residents a tremendous quality of life and it’s a very interesting place to live. First of all, it’s got two excellent universities with very high reputations and the fundamental commercial backbone of the city is very strong. There’s lots of commercial industry here, which seems to be immune from the ups and downs of recessions and everything else; so the economy is sound.

“The motorway network is also right on the doorstep, which opens Bristol up to a lot of people. We’ve got fast train lines into London as well, so from a transport point of view, the city is extremely well connected. In terms of cultural life, there are many restaurants and theatres and fringe artistic venues. Overall, there’s very much a village atmosphere here. No matter what part of the city you live in, you get to know people, and the community is very welcoming. You get the feel of living in a capital city without all the stress that goes with living in such a big place.

“I also think, more recently, the working from home revolution has led to an even greater desire for people to move to Bristol. People can technically base themselves in London whilst actually work remotely in Bristol. People are now very aware of wanting access to outdoor space and we have that in abundance here. The Downs is a huge open space, and has become a mecca for people having picnics. We also have the Avon Gorge, which is pretty spectacular, and marks the boundary between Bristol and Somerset and the countryside beyond.”

Glynis Frew, CEO of Hunters Estate Agents, added: “Bristol has long been known for its cosmopolitan nature and quality of life and over the past ten 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.

“It’s still within commutable distance of London, around 70 minutes by direct train, for those who need to be there a few times a week and the rise of flexible home working will only help to boost Bristol’s appeal going forwards.”

Top ten biggest increases in average asking prices since 2010, outside London:

Location Area Avg asking price Sept 2020 Avg asking price Sept 2010 % change
Easton Bristol £283,397 £128,696 120%
Swanscombe Kent £327,106 £158,662 106%
Whitehall Bristol £295,574 £146,694 102%
Tilbury Essex £251,204 £127,430 97%
Totterdown Bristol £308,055 £164,291 88%
Eastville Bristol £278,432 £149,361 86%
Arnos Vale Bristol £357,047 £192,336 86%
Redcliffe Bristol £357,149 £196,544 82%
Vange Essex £270,065 £148,797 82%
Stone Kent £322,911 £178,075 81%

 

Top ten biggest decreases in average asking prices since 2010, outside London:

Location Area Avg asking price Sept 2020 Avg asking price Sept 2010 % change
Nairn Scotland £197,981 £233,924 -15%
Linthorpe Middlesbrough £128,352 £146,304 -12%
Shildon Durham £95,602 £106,374 -10%
Kilwinning Scotland £100,225 £110,353 -9%
Johnstone Scotland £110,115 £120,768 -9%
Felling Gateshead £110,293 £120,356 -8%
Ferryhill Durham £93,026 £101,431 -8%
Galashiels Scotland £136,447 £147,662 -8%
Wigton Cumbria £175,773 £189,894 -7%
Peterlee Durham £100,492 £108,161 -7%

 

Top ten biggest increases in average asking prices since 2010, in London:

Location Borough Avg asking price Sept 2020 Avg asking price Sept 2010 % change
Walthamstow Waltham Forest £503,651 £232,446 117%
Peckham Southwark £555,699 £268,005 107%
Tottenham Haringey £465,902 £225,948 106%
Forest Gate Newham £479,363 £235,366 104%
Elephant & Castle Southwark £510,139 £251,309 103%
Deptford Lewisham £483,917 £240,977 101%
Hackney Hackney £617,306 £308,729 100%
West Norwood Lambeth £560,381 £281,480 99%
Leyton Waltham Forest £531,471 £267,746 99%
Stratford Newham £454,613 £230,071 98%

 

 Top ten smallest increases in average asking prices since 2010, in London:

Location Borough Avg asking price Sept 2020 Avg asking price Sept 2010 % change
Victoria Westminster £1,272,534 £1,141,630 12%
Chiswick Hounslow £979,533 £871,356 12%
Notting Hill Kensington & Chelsea £1,194,792 £966,946 24%
Knightsbridge Westminster £3,743,762 £2,973,836 26%
Bayswater Westminster £1,223,803 £960,066 28%
Highgate Haringey £1,206,951 £943,049 28%
Kensington Kensington & Chelsea £2,077,595 £1,604,932 30%
Chelsea Kensington & Chelsea £1,891,949 £1,454,627 30%
East Sheen Richmond £1,013,191 £765,397 32%
Hampstead Camden £1,456,710 £1,088,273 34%

 

Regional ten-year change in average asking prices since 2010:

Region Avg asking price Sept 2020 Avg asking price Sept 2010 % change
East Midlands £242,555 £173,291 40%
East of England £363,521 £244,907 48%
London £633,269 £390,766 62%
North East £162,955 £146,216 11%
North West £212,977 £169,625 26%
Scotland £168,272 £139,617 21%
South East £417,918 £291,308 43%
South West £322,434 £238,012 35%
Wales £212,382 £167,909 26%
West Midlands £243,765 £176,678 38%
Yorkshire and The Humber £210,128 £164,309 28%
National £319,996 £226,950 41%

 

ENDS

Notes to editor

Local data is available on request.

The time period for average asking prices is September 2020 versus September 2010.

The first-time buyer sector covers all two-bed properties and smaller that come to market (houses and flats). The second-stepper sector covers all three- and four-bed properties that come to market (houses and flats) excluding four bed detached houses. The top-of-the-ladder sector covers all five-bed homes and above (houses and flats), and four-bed detached houses.

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