What would you choose if you had a spare £1.2m lying around?
Estate agent comparison site, GetAgent.co.uk, has calculated the current average house price for a flat in Kensington and Chelsea (£1,161,580) and compared it to the average house price for a detached property across the rest of the UK.
So where across the UK can you buy a house (or eight), for the cost of a top end London flat?
Across the UK you could buy at least two homes for the price of a Kensington flat, however, with an average detached house price of £137,742, prime central London flat buyers could pick up eight homes on the Western Isles for the same budget, enough to form their own street.
While this was the highest across the UK, Burnley, County Durham, Blaenau Gwent, Port Talbot, East Ayrshire, Blackpool, Hyndburn, Stoke and Dumfries and Galloway were all home to a detached house prices between £156-£182k, meaning for the price of a high end London flat you could pick up six to seven detached homes in each area!
But what about the UK’s major cities?
With an average detached house price of £236,765, the price of a high-end London flat could secure you nearly five homes in Nottingham (4.9). This was also the case in Liverpool (4.4) and Sheffield (4.1).
You could pick up as many as three homes in Leicester, Newcastle, Glasgow, Manchester, Plymouth, Leeds, Aberdeen, Birmingham and Southampton on the same budget.
Or you could settle for two in Edinburgh and Bristol.
Despite some of the highest property prices in the UK, you could pick up a detached home in Oxford, Cambridge and London for the price of a flat in Kensington and Chelsea.
Colby Short, founder and CEO of GetAgent, commented: “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 homebuyer and any talk of price growth decline across the capital’s top tiers of late will probably be met with little sympathy from most.”