05 Aug 2022
For those not yet on the property ladder, purchasing a property can feel like a far-away dream. Even for those that own a property already, moving on can feel daunting. High house prices are pushing up asking prices, which is exacerbating the problem further.
(Written in August 2022 - all prices will reflect data gathered at that time)
Data from moving companies suggest that the increase in house prices during the past year has accelerated dramatically. Average prices in the UK are said to have reached an all-time high of £350,000 in 2022. This, of course, doesn’t mean that first-time buyers will be paying upwards of this number wherever they are. The fact is, location plays a huge role in how much a property costs. Let’s take a look at a breakdown of average UK house prices.
Average House Price London
London is notoriously expensive, pushing up the overall UK average. This is a difficult time for London residents, particularly due to the current crisis in the cost of living. Across all of London, the average house price is roughly £526,183 in 2022, however, the average rise in prices is comparatively lower after seeing the countrywide rises this year.
Again, the average doesn’t apply to all boroughs - for example, in May 2022, 24 boroughs of London saw house prices rise even further. For £350,000, the UK average, there are few London boroughs in which this will stretch to a quality property. Here are the most affordable London boroughs.
For more advice on moving in and around London, take a look at our helpful blog.
East England
The East of England is unique in that prices in this area have decreased in the past year. Average prices are nevertheless higher than the English average, at £364,000 (Plumplot). The East of England is split further by counties, with Hertfordshire leading the area with prices reaching 141% of the average area house price. 1-bed flats can be found for lower than £350,000 in Hertfordshire, while offers around the UK average might get you detached houses with more than 2 bedrooms in more affordable areas like Norfolk.
North East England
Moving further North, North East England has also seen decreases in average house prices, with properties averaging around £162,000. Prices vary a little across the region, but still do not exceed £200,000. 3-bed detached houses in great neighbourhoods can frequently be found for offers of around £350,000, great for more affordable properties for those that don’t require quick access to the capital.
North West England
Properties in North West England are, on average, also far less than the UK average. Detached properties are often more expensive with an average price of around £393,301 (Rightmove), whereas terraced houses can be found for much less. Detached houses with 3 or 4 bedrooms cost upwards of £350,000 when looking in more expensive areas like Cheshire, while Lancashire sees similar properties costing less.
South East England
With stunning Kent and areas just south of London included in the South East, it’s no surprise that property in South East England is among the most expensive in the country. Offering beaches, cities, and areas of natural beauty within easy reach, the best of both will cost you a pretty penny.
Terraces properties have been most commonly sold during the past 12 months, drumming up prices of around £385,000, a good £30,000 higher than the national average (Rightmove). For a semi-detached house in southern England, expect to pay an average of £452,453, while flats can fetch anything around £267,175. Areas like Kent and Surrey drive prices further, so it’s important to do your research and shop around for more specific locations.
South West England
The stunning South West is an incredible area for exploring the natural beauty of the UK. With gorgeous Bath also in the mix, quality of life in the South West can be excellent, as long as commuting to London is not a requirement.
Depending on what type of property you’re searching for, prices in South West England vary greatly. The UK average price of £350,000 could purchase a decent semi-detached house, terraced, or a flat, with average costs of £308,687, £272,711 and £204,178 respectively (Zoopla). Detached houses, like cottages and barn conversions, are averaged at almost £500,000, likely unaffordable for those first-time buyers.
West Midlands
It’s important to note here that the West Midlands covers a large area, so prices can change depending on many factors. Warwickshire prices are seen to be the highest with Staffordshire prices lowest in the West Midlands area.
Following the trend in the South West, West Midlands properties also vary wildly depending on the type. Most sales in the last 12 months were for semi-detached properties, which fetched an average of £233,561 (Rightmove). If your budget is around the UK average, you’ll also be pleased to know that terraced properties also cost fairly low on average, at around £192,872.
Yorkshire & The Humber
During the past 12 months, semi-detached properties were the most popular type of property involved in sales, with prices anywhere around £188,655. Detached properties, like other areas of the country, fetch higher prices averaging £327,587, meaning the UK average house price would easily stretch to afford a lovely Yorkshire detached home. If looking for an apartment, expect to pay anywhere from £130,055 for quality space.
Wherever you choose for your next move, Bishop’s Move can help. Our quality services will save time and money during a home removal, and our breadth of branches ensures that we can be wherever you need us to be. Get a quote with us today and find out how we can help.
