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Property Website Rightmove announce Margate as property hotspot as prices hike by 24%

Margate

Margate

According to new figures, property in Margate has experienced the biggest asking price hike outside of London in the country.

Asking prices in the town went up by 24.2 per cent between January and November this year, more than anywhere outside of London.

Research by Rightmove showed that the price of homes going to market in the town went up by 24.2 per cent to £204,631 between January and the end of November.

The next highest increase was in Altrincham in Cheshire, where prices rose by 21.9 per cent.

The rest of the top five is made up of Kent towns, with Gravesend seeing a 20.5 per cent increase, Ramsgate prices rising by 18.6 per cent, and Dartford also increasing by 17.4 per cent.

Rightmove’s housing expert Sam Mitchell said: “This year saw demand reach record levels for home-hunters both buying and renting, and the ripple effect from London to the south east moved even further out to places like Essex and Hertfordshire, as you can see from how quick properties are selling in these locations.

“It’ll be interesting to see how 2016 plays out with the new buy-to-let stamp duty coming in in April - prices are looking set to increase even further so those people having issues affording the location they want could think about looking at an area further afield.

“Although it might not be on their immediate wish list of places to look, they could find a more affordable property and have less of a battle against fellow potential buyers.” 

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