Margate has seen the biggest jump in house prices since 2012
A seaside town in Kent has been identified as the area where prices have leaped the most in the last decade.
Asking prices of homes in Margate have more than doubled on average since 2012, according to property site Rightmove. Prices now stand at an average of £294,209, more than £100,000 higher than they were in 2012.
The second hotspot is the suburb of Horfield in Bristol, where prices are up 96 per cent to £385,003 on average.
Another Kent seaside town to mark staggering price growth was Dover, third on the list, where prices have soared 96 per cent to £254,100.
Rightmove’s director of property data Tim Bannister said: “House prices rising so quickly in these areas of the South is a sign of increased demand outstripping supply over the past ten years, with areas such as Margate and Hastings offering a life by the coast at a price lower than the national average.”
On the other end of the spectrum, prices are just six per cent higher than in 2012 in Middlesbrough.
Prices are on average £132,792. Between 2012 and 2016 prices in the town dropped two per cent and have since grown eight per cent.
What’s more, the second area on the list for the lowest price growth is Peterlee, in County Durham. Prices have risen just eight per cent to £112,263.
Bannister added: “The government’s target in their Levelling Up Paper to increase the numbers of first-time buyers is welcome news, but they need to ensure their plans to achieve this consider all areas of Great Britain, especially places where the rising cost of rent means many people are struggling to save enough for a deposit.”