House prices have risen again all over the UK. So what does the average house price buy you now?
The Land Registry has just released its House Price Index for April 2022, and the data shows a clear rise in house prices across all regions. On average, properties in England increased in value by 0.8% between March and April 2022, and by 11.9% in the year from April 2021 to April 2022, with the average English house now worth £299,249. The data breaks down by region to reveal that the highest property prices are found, unsurprisingly, in London, where the average property transaction is now £529,829, while the lowest average price of £155,215 can be found in the North East.
Of course all of these are average figures, and they can be further broken down by property type – so for instance, the average detached house in London is worth £1,088,764, while the average flat comes in at £443,216. But what does an average property look like? Or, put another way, what can you buy for each region’s average budget?
In the East Midlands, the average property price is now £237,904. This might buy you something along the lines of this Victorian terraced house in Abington, Northampton, which has three bedrooms, a bright living room with bay window and a a good-sized garden. It’s for sale with Winkworth Northampton 01604 204455 for £250,000.
In the East of England, the average property is worth £344,943 and might look a bit like this terraced house in Norwich. It’s a well-kept property that has been extended to the loft and has three bedrooms plus a separate kitchen and dining room, and a garden. It’s listed with WInkworth Eaton for £350,000.
In the popular South West, where the new average is £318,610 (its increase of 14.1% since April 2021 is England’s highest), this house in Bampton, Tiverton is on the market at £325,000. It’s a characterful two bedroom house with lots of period features and a pretty courtyard garden. Contact Winkworth Tiverton 01884 675675 for more.
In the South East, average prices are slightly higher, at £382,791. For that you could buy this stylish two bedroom apartment in an Art Deco block in Tunbridge Wells, set in five acres of mature communal grounds. The flat has a modern eat-in kitchen and an elegant double reception with high ceilings. It’s for sale with Winkworth Tunbridge Wells 01892 519600 for £385,000.
In London, it’s very possible to move to Zone 2 with an average budget. This two bedroom apartment in Bermondsey is set in a well-designed modern development and has a great location as well as stylish floor-to-ceiling windows, a high spec kitchen and an attractive balcony; it’s priced at £510,000 (just under London’s average £529,829) through Winkworth New Cross 020 7277 7298.
At the top end of the London market, detached houses have increased in average value from £968,326 to £1,088,765 over the past year. Detached houses are relatively unusual in London, but this 1930s house in Totteridge is currently for sale for £1.295m with Winkworth Finchley 020 8347 3388. It has three/four bedrooms and two/three receptions, as well as off-street parking and a large south-facing garden.