If you are considering buying or moving house keep in mind how the area you choose will greatly impact on the asking price. We have rounded up (from the least expensive to the highest) the top ten most expensive cities in the UK when it comes to buying a home.
All statistics are current at the time of writing and are taken from the Zed-Index, which gives property values in all areas of the UK. To put house prices in some perspective, it’s also useful to compare different types of housing in different towns, with contrasting economic status.
Famous for its cathedral, property is still just over the £2,000 per square metre mark at £2,060 in Salisbury in Wiltshire. The average price for a terrace here is £209,390, compared to £97,327 in the coastal town of Morecambe in Lancashire.
All the properties in this list are in the south of England with the exception of Scotland’s capital city. Edinburgh boasts properties costing £2,125 per square metre, and the average detached house costs £466,279 to buy. In the North East of England in Hartlepool, this figure is £220,369. Other cities in Scotland, however, are amongst the most affordable in Britain, with Stirling coming top. Houses there cost only 3.3 times the local average wage.
Bath and north east Somerset has property costing £2,376 per square metre. To buy a flat, the average cost is £241,066. This figure becomes £126,031 in Birmingham in the West Midlands.
Brighton and Hove in Sussex offers property costing £2,549 per square metre, where the average terrace house comes on the market at £330,116. In stark contrast, for the equivalent in Kingston upon Hull in the East Riding of Yorkshire, the price is £87,152.
Chichester and Cambridge are next on the list, at £2,638 and £2,634 per square metre respectively. Chichester in West Sussex presents an average price for a detached house at £484,805. This is compared to £232,845 in Swansea, Wales. As for Cambridge, the average cost of a semi-detached is £314,285. In Doncaster in South Yorkshire, this would be £112,273.
Properties in Winchester in Hampshire are a very similar price to Oxford (see below). In fact, they work out at an average of £2,813 per square metre. A flat, on average, would cost £259,628, whereas one in Grimsby in north east Lincolnshire costs £75,920.
Next comes Oxford, where homes cost £2,821 per square metre. A typical house in this university city sells for £341,000, which is eleven times the average local wage. A semi-detached here costs £360,196 on average. Compare this to £141,631 in Fife in Scotland.
The second most expensive city in the UK, according to the Halifax House Price index, is St Albans, Hertfordshire in the south east of England. Here, properties cost £3,227 per square metre, a great deal cheaper than in Westminster but still prohibitively expensive for those on an average wage. A terrace house, on average, will set you back £373,065. Go for the same kind of property in Huddersfield in West Yorkshire and £103,839 is the average price.
Not only the most expensive city to live in the UK, but also one of the most expensive in the world. Residents in the capital must struggle to pay the highest prices for their homes, whether they are paying a mortgage or rent, and the highest fares for public transport. It is also the city where a cup of coffee costs the most and where two tickets for the theatre can cost the equivalent of two days’ hard work in the office.
The average price of a house in our capital city is more than £500,000, unless, that is, you live in Camden, Kensington, Chelsea or Westminster, where it is a staggering £1 million. Homes in Westminster are the dearest, costing an average of £7,587 per square metre. Unsurprisingly, perhaps, given their cost, homes in Westminster are the smallest in size in the UK, at only 71 square metres on average. Renting in London, as elsewhere in Britain, is no cheaper. A one-bedroom flat near Hyde Park costs an average of £1,142 per week to rent.
Across the capital as a whole, the average monthly rent for a furnished flat of 85 square metres is £657.5 per week or £2,630 per month. To, once again, give an example for comparison, a detached house in Westminster, on average, comes at the princely sum of £5,100,890. In Greater Manchester, this becomes £283,503. If you want the kudos of living in the most expensive street in London, you can buy a house on Sackville Street, London W1S, where the average price is £12,426,324.
Of course, other considerations come into play when choosing where to live, including daily cost of living expenses. However, renting or buying a property will undoubtedly form the bulk of your monthly outlay.