Hastings property boom: House prices have nearly doubled in 10 years

Property prices in the town have nearly doubled over the past 10 years, according to new data from Rightmove. They increased by 90% from an average of £163,530 in January 2012 to £310,182 in January 2022, the property website said.

Hastings saw the seventh highest increase in prices across the whole of the UK. Top of the list was Margate in Kent - the only place where house prices have more than doubled since 2012 — up 103% to £294,200. In January 2012 the average Margate home cost £145,300.

Horfield in Bristol was second on the list, seeing prices rise 96% to £385,003 on average, and third was Dover where prices were also up by 96%, to £254,100.

At the bottom was Middlesbrough, where homes on average are now just 6% more expensive than they were ten years ago, at £132,792. Second on the lowest price growth list was Peterlee in County Durham, where prices were up by 8% to £112,263, and third was Hartlepool, up by 9% to £136,088.

Across the UK, average asking prices rose 53% over the past ten years, from £222,989 to £341,019, with significant differences by region showing a strong north-south divide. Prices in the strongest performing region, the East of England, were up by 65%, while prices in the weakest performing region, the North East, were up by 25%. The South East saw prices rise by 60% from an average of £281,314 to £450,918.

Rightmove’s Director of Property Data 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 ten 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.”

Mark Brooks, chief executive of Miles & Barr estate agents in Kent, said: “The South East has seen a great influx of those living in urban areas such as London, looking to relocate to the golden sand beaches and tranquil lifestyle of the coast or countryside. The shift to flexible and home working, added to a wide range of transport links back to London, has led to many fleeing the city.”