Which UK cities have the highest average house prices?
With the ever-rising prices of houses, it feels like many people are going to be confined to the rental market for the foreseeable future. The cost of living in the UK has made it nearly impossible for the average citizen to become a homeowner.
Many people have considered moving to a different part of the UK – or even leaving altogether – to increase their chances of being able to own a home one day. To do this, it is important to be careful and considerate when choosing the relocation city.
Zoopla released its House Price Index in January 2024, sharing the average house prices in cities across the country.
The cities
To no one’s surprise, London maintained its place as the most expensive city to buy a home. The average house price in London is £534,660.
If a buyer has their heart set on London, they should consider which areas have the fastest rising rent. It may also be a good idea to look into conveyancing solicitors London to help them make the most of their decision. Companies such as https://www.samconveyancing.co.uk/Conveyancing-Solicitors/conveyancing-solicitors-london can help with this.
Cambridge was the second most expensive place to buy a property. The average house cost is £469,100, which is admittedly not much better than London. Oxford came third with an average price of £446,700.
Fortunately, the prices decreased significantly after that. Bristol came in fourth place, with an average price of £335,900, followed by Bournemouth at £328,500.
Portsmouth took another dip in price, coming in sixth at £278,600. Next came Edinburgh with an average price of £270,900. Southampton had another small decrease, coming seventh at £255,100. Cardiff was eighth with an average house price of £252,700
Leicester came ninth, with a small dip in price at £226,600. Completing the top ten, Manchester came in at £223,00.
It would take careful planning, consideration, and – most importantly – financial stability to be able to buy a property in one of the more expensive cities. While it is not impossible, it may not be feasible for the average buyer without outside assistance.
Other things to consider
For a more in-depth perspective on the housing market, it is recommended that you check the sold prices for the cities in which you are interested and the prices of the properties currently on the market to gain an understanding of where the cost of living is more affordable. While the journey to becoming a homeowner may be challenging, it can be achieved if you do your research.
