A housing analyst has urged buyers to look beyond average prices.
Kate Faulkner, founder of Propertychecklists.co.uk, said she is on a mission to stop everyone talking about average house prices and especially relating them to affordability.
She said: “In my view, this is a dangerous use of stats, especially using the likes of Rightmove’s averages which are 20% higher than lender and the Land Registry figures.”
It comes as research by Propertychecklists.co.uk found that despite the average UK house price being over £276,000, buyers can purchase a flat for a lot less.
The analysis shows that despite many parts of the UK having an average price of £200,000 to even £400,000 in London, Oxford, Cambridge and Tunbridge Wells, there are still two bed-flats available for anything from 41% to 76% lower than the average price.
Anyone in the 28 cities used in the analysis can find a two-bed flat available for under £250,000 even in the likes of London, the data suggests.
Oxford is the toughest place to find a property available and has the highest price for a two bed flat of £210,000, according to the research.
For example, the average property price in Reading is £306,724, however, one of the cheapest flats, according to the research, could be purchased for 41% less.
In Bradford, the average property price is £164,437 and a flat can be bought for 76% less.
Faulkner added: “This is why average house prices are of little use to those who think they have to find over quarter of a million pounds to buy a property, when in fact they could buy for a fraction of the cost. It’s also why affordability should never ever be based on average house prices.”
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I am not sure how knowing that you can purchase a one bedroom flat in Newcastle for £40,000 helps you if you are a buyer who lives in Watford, where a one bedroom flat costs £155,000. Is the suggestion that people living and working in Watford - buy up North and commute ... maybe in their private jet?
Eight years ago, a study of 10,000 people living in the UK was published using data from a mobile phone provider, it showed 83% of people, live, work and socialise in a 17KM area, most of their life. So probably that 9-hour 270 mile return commute from Watford to Newcastle is not going to work.
Not quite sure what you are trying to say, Andrew. Kate Faulkner is simply saying that average houses prices mislead people, particularly sellers and buyers. The same £400,000 flat in inner London will be worth around £300,000 in Surrey, £200,000 in Exeter and £150,000 in Newcastle. So they are completely misleading. End of story!
Richard,
Best ignore the poor fellow.
Andrew is just ranting as usual and missing the point as usual.
Thinks he is important and we all listen in awe.
LOL
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