Market data and why we must not underestimate Hull
New research by Plumbnation has compiled average property price data from cities across the UK from 2002 to 2022.
The study ranks the uplift in values to reveal which cities could have been goldmines if you bought homes in them 20 years ago.
Manchester topped the list with a growth of 331.26 per cent, taking average house prices from £48,845 in 2002 to £210,647 in 2022.
Salford and Leicester saw the next greatest rises and Hull was fourth in the top ten with residential property values growing by 241.21 per cent over the last 20 years.
The average house in Hull cost £36,847 in 2002 and is now £125,726. Sheffield is seventh in the table and saw house price growth of 233.97 per cent taking the average house price from £59,604 to £199,058, while Doncaster is tenth with a rise of 223.25 per cent taking values from £47,190 to £152, 541.
Bradford ranked at 11th with a 223.09 per cent rise over the last two decades, taking the average house price from £51,126 to £165,183.
Leeds was 14th with a 213.91 per cent rise boosting values from £71,659 20 years ago to £224,943 today.
Wakefield was 22nd in the list of 50 cities with a growth of 205.84 per cent taking the average house price from £59,479 in 2002 to £181,908.
York was 23rd with 20 year house price growth of 204.68 per cent taking values from £99,513 to £303,200.
The city showing the lowest property price increase in the last two decades is Reading, with a 134.73 per cent increase, two and a half times lower than Manchester.
Blackpool was the second worst performer with an average property price growth of 147.67 per cent.
Over at Rightmove, the latest house price data shows that Yorkshire house prices rose 1.7 in May taking annual growth to 10.3 per cent, taking the average house price to £238,906.
The average time taken to sell a house in Yorkshire is just 30 days.
The neighbouring North West showed a monthly price growth of 2.4 per cent and 11.7 per cent yearon-year with property taking the average house price to £249,612.
Properties take an average of 31 days to sell.
On the other side of the Yorkshire border, the North East had zero monthly house price growth leaving the annual average rise at 9.8 per cent. Properties in the North East took an average 32 days to sell and the average home value is £180,081.
Nationally, average UK house prices have risen more than £55,000 in the past two years, compared to a £6,000 rise in the two years before the pandemic.
Activity levels remain strong and are still significantly higher than pre-pandemic, though there are signs that the frenetic market is starting to ease.
Rightmove say that the number of buyers contacting estate agents in the month is 31 per cent higher than the more normal 2019 market, but down 14 per cent yearon-year
Properties available to buy are down 16 per cent compared to last year and down 55 per cent compared to 2019, with new stock most desperately needed for two and three bedroom semi-detached homes
Sales agreed are up 12 per cent in the year to date compared to the same period in 2019, and down 17 per cent on the year to date compared to 2021.