We’re always hearing about averages in reports about house prices, but how should we be interpreting these figures?
What does an average house look like?
According to the UK House Price Index for August 2023, the average house price in the UK currently stands at £291,044. This breaks down into an average of £310,000 in England, £217,000 in Wales, £194,000 in Scotland and £174,000 in Northern Ireland.
And the figures break down further still to show that the average detached house in England sold for £487,570 in August 2023, compared to a sold price of £251,528 for the average flat, £252,382 for the average terraced house and £298,943 for the average semi-detached house. The figures for new build homes show that the average new build property is currently worth £443,821, compared to the average existing resold property which comes in at £299,068.
It’s a very different picture in London, where the average price of a property is much higher than anywhere else in the country, at £536,000. The range spans £1,093,834 for the average detached house and £442,916 for the average flat, with semi-detached homes and terraces coming in at £699,732 and £587,093 respectively.
So what does this look like in reality? Here are some examples.
1. Eastleigh, Hampshire
In Eastleigh, Hampshire, this two bedroom terraced house is on the market at £250,000, making it very much an average home. It has two bedrooms and a bathroom on the first floor, a kitchen and living room on the ground floor and a separate garage, and it’s for sale with Winkworth Romsey 01794 511911.
2. Dartmouth, Devon
In Dartmouth, Devon, this detached house is priced just above the national average at £495,000, and it has four bedrooms as well as an impressive mature garden, plus a driveway and private parking. In a lovely location near the River Dart, it’s for sale with Winkworth Dartmouth 01803 832288.
3. Harringay, London
Meanwhile, in the capital, an average flat might look something like this first floor Victorian conversion in Roseberry Gardens, N4, priced at £440,000. It has two bedrooms plus a loft room, and lots of attractive original features, and it’s on the books at Winkworth Harringay 020 8800 5151.
4. Thames Ditton, Surrey
At the top end of the scale, an average London detached house would look like this four bedroom property in Thames Ditton, priced at £1.1m by Winkworth Surbiton 020 3861 0010. It might need a bit of work, but has good-sized rooms and lots of potential to convert it back into a family home from the four apartments it currently holds.