Yahoo Finance What the average house price in London can buy you elsewhere
For several years now, house prices in London have soared well above property values in the rest of the country.
While the British capital has always attracted a premium, price increases used to be in proportion to the rest of the country.
But the rate of price growth in London began to diverge from everywhere else in the aftermath of the financial crisis, accelerating much faster and creating a huge disparity between the regions.
According to the most recent house price index report by the Office for National Statistics, the UK’s official data agency, the average price in London was £473,609 in October 2018.
Despite recent price falls in London, that figure is still well above the average for the UK as a whole, which was £231,000, less than half of the capital’s.
READ MORE: London is getting cheaper – but still out of reach for many
The closest region in price to London is the southeast of England, with an average of £326,785. The lowest is Northern Ireland, which recorded an average price of £135,000.
For the time being at least, property-owning Londoners could cash out and leave the city in search of bigger and better homes in other parts of the UK. The price of a small flat in London can get you a large house elsewhere.
So here’s a look at what the average price of a house in London will buy you somewhere else. Tempted?
This large five-bedroom home is set against a breathtaking backdrop of mountains on the magical Isle of Skye in western Scotland. Three of the bedrooms are ensuite, there is a large shed and conservatory, and you have around one acre of land.
There could be the potential to run a B&B business here if you’re worried about an income. Or you can just sit back, relax, and take in the views. There’s such an abundance and variety of natural beauty to take in on Skye that the novelty would never wear off.
This contemporary home is based in the peaceful holiday village at Lower Mill Estate, near Somerford Keynes. Overlooking a lake buzzing with wildlife, an abundance of glass keeps this property light and airy throughout.
On site is a number of facilities, including a swimming pool, tennis courts, shop, boat hire, children’s activities, and more.
READ MORE: Where house prices are heading in 2019
There’s also private parking, a decked terrace, and private access to the lake. Nearby is the beautiful Cotswolds countryside with its picturesque towns and villages.
This grand period home is in the centre of historic Alnwick, near to the ancient castle where Harry Potter was filmed, and a short distance to the atmospheric North Sea coast, with its beautiful sandy beaches. The Grade II listed property has four bedrooms, a large kitchen, and boasts many of its charming original features.
This spacious new three-bedroom apartment contains a standard of luxury familiar to central London, but sits hundreds of miles away in the centre of Liverpool, a vibrant city known for its nightlife and culture. The modern apartment has a vast terrace with fantastic views over Liverpool and owners will have access to a gym, spa, and swimming pool.
In the beach town of Ryde on the Isle of Wight is this elegant, spacious six-bedroom Victorian home with a grand entrance hall and staircase, potential for an annex, a glorious sunroom, and a nice sized garden – all for the price of a small flat in London’s Zone 2.
This quaint Welsh six-bedroom farmhouse in rural Carmarthenshire is described as being of “historical importance”. Aside from the rustic charm, including the original fireplace in the dining room, this property comes with a number of outhouses and up to 20 acres of land, providing a range of business opportunities from which you could make a decent living.
A unique detached character property, the building dates back to the 1800s and is a converted former bakery and stable in the old city of Canterbury, famous for its medieval cathedral and links to the poet Geoffrey Chaucer. Its interior is modern and the six bedrooms are currently tenanted by students, but it could easily become a stunning family home.
A brand new home, this Cornish delight is a four double bedroom property near to the river in Falmouth, a colourful harbour town. It offers commanding views over the water, a contemporary finish to the interior, a high quality kitchen and bathrooms, and off street parking.
READ MORE: 5 most expensive homes for sale right now in the UK
