East of England named Britain's hottest region for house price growth

For Sale sign board outside house

Average asking prices in the East of England increased from £239,902 to £396,135 over the last decade. - Credit: Getty Images/iStockphoto

Asking prices in the East of England rose by 65 per cent in the 10 years to January 2022, the biggest increase in Britain. 

According to Rightmove, the average price in our region went up from just £239,902 a decade ago to £396,135 last month. 

The South East and West Midlands saw the next largest increase (60 per cent), followed by the East Midlands (59 per cent), South West (58 per cent) and London (55 per cent). The North East recorded the smallest amount of growth at 25 per cent, while the average across Britain was 53 per cent, rising from £222,989 to £341,019. 

Where individual areas are concerned, Margate in Kent topped the chart with a huge 102.5 per cent spike, more than doubling the average asking price to £294,209. 

Middlesbrough was at the opposite end of the scale with a 6.2 per cent change, taking the average to £132,792.

Rightmove’s 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 10 years, with areas such as Margate and Hastings offering a life by the coast at a price lower than the national average.

"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.”