Property market gap in England and Wales reaches 183,900%

Property market gap in England and Wales reaches 183,900%

0:02 AM, 20th October 2023, About 8 months ago

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The difference between the most and least expensive homes sold in England and Wales so far this year is more than £38.6m – or 183,900%, research reveals.

The findings from the platform for personal estate agents, eXp UK, which looked at sold price data for transactions that were completed from January to August.

And looked at the market gap between the very top and bottom ends of the market.

The research shows that the most expensive property sale this year was an apartment in Ashburton Place in the City of London, which sold in June for a staggering £38.64m.

At the other end of the market, a terraced home in Cumberland Street in County Durham sold in March for just £21,000.

‘The average cost of a home has spiralled’

The chief executive of eXp UK, Adam Day, said: “Getting a foot on the housing ladder is a tough ask in this day and age and the average cost of a home has spiralled in recent years.

“However, the market itself is incredibly fragmented and while average house price data gives us some insight, it certainly doesn’t tell the whole story.”

He adds: “It’s fascinating to see just how large the gap is between the very top and very bottom of the house price rankings and how this gap is sizable regardless of which region you look at.”

Largest market gap at regional level

In London, the most affordable home sold this year so far comes in at £80,000, meaning the gap between the bottom end of the market and the £38.64m home sold in the City of London is still 48,200% – the largest market gap at regional level.

In the South East, the most expensive home sold went for £20.75m, some 47,601% more than the region’s most affordable sale at £43,500.

The South West ranks third in this respect, where the most affordable home sold commanded £35,000, while the region’s most expensive home sold for £13.5m – a market gap of 38,471%.

The East Midlands is home to the smallest market gap of all regions of England and Wales where the most expensive home went for £2.5m, while the most affordable sold for £30,000 – a market gap of 8,235%.

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