Difference of property prices around the UK
House prices in Britain are a much-talked about subject – and a borderline obsession for some aspiring homebuyers and owners.
These prices Vary immensely around the UK; property prices in the North East of England were are shown to be extremely overrated in many surveys and researches, with most homebuyers being surprised by the low prices of these properties.
Nottingham average house prices in 2019 were £145,479, but those surveyed estimated them to be an average £205,523 – a huge £60,044 difference. Nottingham is a popular place to invest due to its relatively low house prices, combined with the high number of students and young professionals who live there.
Liverpool continually ranks among the top places in the country for rental yields for investors, and again is supported by its below average property prices. Here, the average home sold in 2019 cost £136,517, but those surveyed estimated it at £194,841, which is £58,325 higher. The city has been the target for huge regeneration and investment in recent years, and continues to improve.
Manchester is a well-known location for property investment, but it hasn’t reached its peak just yet. While respondents in the study gave homes there an average price tag of £227,131, in fact properties are much more of a bargain at just £179,506. The north-west is predicted to see house prices increase by an average of 24% over the next five years, so there’s more growth to be had in the city.
Newcastle is another city that’s even cheaper than most people think. Average homes there came in at £166,662 for 2019, but were estimated to be £32,420 more expensive than that at £199,081. The area contains a wide mix of affluent areas with above average house prices, through to some of the cheapest properties available in the UK.
Sheffield boasts house prices that are £29,352 lower than people thought in the study – averaging £166,916 compared to the £196,268 estimated. In the city centre, home to two major universities, house prices can be particularly competitive, and regeneration taking place there is providing an added boost to the area.
However, in London and in the South of England house prices take a peak and the prices are the highest in England.
The average house prices in London range at £477,600, which is higher than any other city in England. However, some homebuyers think that this City is a great investment; London is one of the most influential cities in the UK, being the centre of tourist attraction.
South East, with an overall average price of £406,756 was more expensive than the North, East and West of England. The most expensive area within South East was Surrey (£541,601) and the cheapest was Isle Of Wight (£245,762).
Due to the occurring pandemic across the globe, it’s too early to say exactly what impact the outbreak will have on the property market, but this is likely to mirror the rest of the economy. However, research states that housing prices are rising at a fast pace, but the Coronavirus may stall the property market again. This is due to general restrictions on people’s ability to go about their day-to-day business, stock market falls will make people feel less secure about their personal financial situation; and a negative impact on earnings, employment and wealth generation.
If you are looking you are looking to invest in properties anywhere in the UK, please do not hesitate to contact us. We will help and guide you through your journey to finding the perfect property for you.
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