Prices for London housing needs continue to be out of reach for many buyers and as a result of the costs in locations such as Chelsea and Kensington a buyer could actually purchase two homes for the same price elsewhere in the country.
An analysis by GetAgent published by PropertyWire shows that an average detached home in the UK is at £137,742 and as a result prime central London property buyers could buy eight homes in the Western Isles for what they would pay for in the capital.
Detached home prices vary between £156,000 and £182,000 in the locations of Burnley, County Durham, Blaenau Gwent, Port Talbot, East Ayrshire, Blackpool, Hyndburn, Stoke and Dumfries and Galloway which would allow a flat buyer in central London the ability to buy six detached homes in each of these other locations.
In the cities of Nottingham, Liverpool and Sheffield a buyer could purchase five homes for the cost of a central London prime property, three could be purchased in Leicester, Newcastle, Glasgow,Manchester,Plymouth, Leeds, Aberdeen, Birmingham,Southampton and two detached homes in Edinburgh and Bristol.
Locations with higher property prices can also be found in Oxford, Cambridge and in parts of London the prices of a detached home are
similar to flats in Kensington and Chelsea.
Colby Short, chief executive officer of GetAgent:
‘Getting a foot on the ladder is a momentous task for many and so it’s quite mind-boggling when you consider how many houses you can buy in other great parts of the UK for the price of just one flat in Kensington and Chelsea.'
‘While much has been made about the decline of the capital’s top-end market as a result of wider political headwinds, it goes to show how crazy parts of the London have become over the years when a flat alone is commanding such sums.’
‘I think it’s fair to say that it remains a completely different world for the average UK home buyer and any talk of price growth decline across the capital’s top tiers of late will probably be met with little sympathy from most.'