It is clear that buying a property is rather expensive and if you have £600,000 in your back pocket to spend you must be doing something right. However, when it comes to London, that £600,000, starts to look a little smaller.
When buying a property, in most cases, there is a sense of London Vs everywhere else in the UK, and you’re not wrong. With rocketing house prices and it being increasingly hard to save whilst renting in London, you can arguably get bigger and better elsewhere.
The price gap between property in London and the rest of the Nation is at its greatest- with the average price in the Capital costing almost double everywhere else.
The divide seems to be record breaking, showing that the average house price in London is around £550,000 compared to around £270,000 across England and Wales.
In Knightsbridge, London, this studio flat will set you back just under the £600k mark at £599,950. Its ‘clever’ arrangement provides you with 113 square foot of floor space, plenty of storage space and a beautiful view of Harrods just opposite.
Heading west, you can nab yourself a town house in Newlyn, Cornwall, for £600,000. With six bedrooms in total and all with a harbor-side view onto St Michaels Mount this seaside home seems to provide a little more for your money than London.
In Beck Lane, Gainsborough, you’d have over £100k in change when buying this stunning five bedroomed detached house costing £439,950. In the quiet setting of the Lincolnshire villages this property feels half a world away from the hectic London.
However, with moving being costly and the chance of getting back into London if you change your mind, homeowners in London are somewhat reluctant to leave even though they will most likely profit from the equity their property has built up.
This seems almost madness when you can get a semi-detached four bedroomed house in Woking for just £500,000 and can commute to the Capital in just under 30 minutes.
Property prices is not the only thing that is rising. The cost of moving is also on the increase. Selling your home can set you back thousands in estate agency fees with some charging over 2%.
Although the studio flat in Kensington, might not be your cup of tea, be thankful you’re not the one selling it. This property listed with Foxton will cost the owner around £15,000 including VAT in estate agency fees. That’s on top of everything else. We only hope that next time they sell with us as we could have saved them over £14,000.
For more information on this listing with Foxton, read more here www.rightmove.co.uk
If you are looking for an estate agent in London, give us a call.