London recorded the slowest house price growth of any British city over the past ten years, with asking prices rising by just seven per cent between 2016 and 2026, as sky-high values left buyers with little room to stretch further.
According to Rightmove, which analysed millions of supply, demand and pricing data points, the typical London asking price has risen by £47,487 over the decade, from £639,593 to £687,080. While that figure remains the highest of any British city, the rate of growth has been far outpaced by cities across the Midlands, Northern England and Wales, where more affordable starting prices have given buyers and the market considerably more room to move.
Both Wolverhampton and Manchester led the way with 63 per cent growth over the same period. In Wolverhampton, the average asking price has risen from £140,548 to £229,094, while in Manchester it has climbed from £160,422 to £261,891. Newport, Nottingham, Wakefield, Salford and Bradford all saw prices rise by more than 50 per cent, with Stoke-on-Trent, Doncaster and Swansea completing the top ten. Despite these dramatic increases, all ten of the fastest-growing cities still have average asking prices below £270,000 — more than £100,000 less than the UK-wide average of £376,191.
Nationwide, that average has actually fallen, dropping by £2,113, or 0.6 per cent, in the past month alone — the largest monthly decline in 14 years, and down from a record high of £379,517 in May last year.
Rightmove’s property expert Colleen Babcock said affordability had been the defining force behind the decade’s geographic 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,” she said. “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. Higher prices in the capital have limited how much further buyers can stretch.”
Mary-Lou Press, president of estate agent membership body NAEA Propertymark, said the data reflected a structural shift in the market. “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,” she said. “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.”
Much of the country is currently a buyers’ market, with high levels of stock and subdued demand, and the outlook for prices remains cautious. According to a report published yesterday by economic forecaster the Item Club, increased mortgage costs and higher unemployment will “weigh on housing demand,” with prices expected to edge up by just 1.1 per cent this year and 0.6 per cent in 2027, after rising 2.7 per cent in 2025.
