Is Durham the new prime central London property market?
Research by the estate agent comparison site, GetAgent.co.uk, reveals how much money homebuyers would have to spend to purchase within the top 10% of their local housing market based on value and how much higher this sits above the average property price.
GetAgent analysed sold prices across each county of England over the last year to find the average price of a home within each region’s top-ten price percentile, before comparing it to the average house price to reveal which markets have the largest gap between the ‘average homebuyer’ and those at the top of the ladder.
By far the most expensive housing market in England is Greater London where the average house price is £510,300. To live within the top 10% of most expensive homes in Greater London, a homebuyer would have to spend an average of £1.1 million. This price difference of almost 116% is significant, to say the least but, surprisingly, it places Greater London only 5th in the list.
In the number one spot is Durham. The average house price is £117,300, currently, one of the lowest of all counties in England, while to purchase in the top ten percent would cost an average of £285,000, a staggering difference of 143%.
Close behind Durham is nearby Northumberland where the average house price is £181,776. But to rank within the top ten percent of Northumberland homeowners, you would need to spend £430,000, a difference of almost 137%.
In Rutland, the average house price is £336,786 while to live in the top ten percentile of the market costs an average of £769,000, a difference of 128% and in Cheshire, the difference between the average house price (£224,452) and the average for the top ten per cent (£505,000) is 125%.
At the other end of the table, the county that has the smallest difference between the overall average house price and the average for the top ten per cent is Leicestershire. The average property price costs £260,789 while the cost of purchasing within the top ten per cent of the market is £438,000, a difference of 68%.
Other areas with the smallest gap between the average homebuyer and those at the top of the ladder include Lincolnshire (72%), Bedfordshire (74%), Shropshire (75%) and Staffordshire (77%).
Founder and CEO of GetAgent.co.uk, Colby Short, commented:
“We’re unlikely to see the might of the London market challenged when it comes to the sheer cost of bricks and mortar, and the capital remains home to not only the highest average property price but also the most expensive price tag when looking at the very top end of the ladder.
However, when considering the gap between the two, there are a handful of other counties where the top rung of the market sits even further above the average property price.
This means that for homebuyers in Durham, Northumberland, Rutland and Cheshire, the task of securing a foot on the property ladder may be far more affordable, but the task of reaching the top of the ladder is more daunting when compared to those in London.”