It’s home to an iconic vintage fun park, long sandy beaches and a Turner gallery perched on the edge of the sea.
And now, Margate in Kent has been named the house price hotspot of the decade.
Homeowners in this seaside resort town have seen the value of their properties skyrocket more than anywhere else in Britain over the past 10 years.
Average asking prices in Margate have more than doubled (+102%) since 2012, to reach £294,209. Horfield in Bristol and Dover in Kent are ranked second and third on the list, with average prices in both areas jumping by 96% in a decade.
Highest 10-year asking price growth areas
|Location||Avg asking price Jan 22||10-year change (%)|
|1. Margate, Kent||£294,209||102.5%|
|2. Horfield, Bristol||£385,003||96%|
|3. Dover, Kent||£254,100||95.6%|
|4. Sheerness, Kent||£271,570||93.4%|
|5. Basildon, Essex||£328,696||91.4%|
|6. Dartford, Kent||£352,386||91.2%|
|7. Broadstairs, Kent||£462,323||90.4%|
|8. Hastings, East Sussex||£310,182||89.7%|
|9. Walderslade, Kent||£321,506||88.9%|
|10. Bedminster, Bristol||£354,336||88.5%|
Our head of property data Tim Bannister said the price growth in these areas is a sign of buyer demand outstripping the number of homes available to buy over the past ten years.
Margate has been attracting home-movers from near and far, and offers a life by the coast at a price lower than the national average, as well as high-speed train links from London.
“Kent County Council has invested heavily in Margate in recent years, in an attempt to recapture the high tourist levels seen years ago,” said Mark Brooks, CEO of Miles & Barr in East Kent.
“Developments such as the Turner Gallery are helping attract tourists back to the town, increasing the local economy,” he added.