When you are looking for a house to buy, you might be relieved its price tag is not as high as one property that sold in September for over £10 million.
Indeed, the cost of a semi-detached property in the London Borough of Kensington & Chelsea, which was bought for £10,915,000, was the most expensive residential sale of September this year, according to recent figures from the Land Registry.
Such high prices put average property values into perspective, with the Land Registry revealing a typical home in the UK cost £218,964 in August. Even though London’s average real estate value was more double this at £488,908, the September sale is 22 times this amount.
However, as many as 313 residential property transactions in the capital in September were for over £1 million.
Comparatively, the cheapest sale was in Liverpool with a flat selling for £12,000. August’s figures show the typical value of a property in the north-west was £151,489. While this is significantly less than the national average price, it is still nearly 13 times more expensive than the bargain purchase in September.
The government’s data revealed there were 95,315 sales made in September, with the majority being for terraced properties (26,050), followed by semi-detached houses (24,615) and detached homes (22,763). Flats and maisonettes accounted for 19,457 transactions while 2,430 sales were for other types of properties.
Despite these steep prices, 95 per cent of Brits believe they will purchase a home in their lifetimes, with 42 per cent hoping to get on to the property ladder between the ages of 25 and 30, according to an icount.co.uk study.
Estate agents in Hull like beercocks can help FTBs find and buy their first property with ease. We provide a free cost of moving appointment so you know how much you’ll need to budget for and we also provide free valuations of properties to help you make key decisions. Call us today to take advantage of our vast local knowledge