New analysis from Rightmove has highlighted the significant regional variation in what the average UK asking price of £378,000 can purchase across different parts of the country.
The property portal’s data reveals that whilst this sum can secure a five-bedroom house in parts of Scotland and northern England, it typically only purchases a studio or one-bedroom flat in several London boroughs.
Regional disparities
In North Lanarkshire, Scotland, the average asking price of £376,000 corresponds to a five-bedroom detached house. Similarly, in Charnwood, Nottingham, and County Durham, buyers can find five-bedroom semi-detached properties for approximately the same price.
Five-bedroom terraced houses are available in Liverpool for an average of £356,300, in Kirklees for £359,300, and in East Riding of Yorkshire for £337,000.
London market contrast
The capital presents a markedly different picture. In Tower Hamlets, the average asking price for a studio flat stands at £357,500, whilst in Hackney the figure is £341,000. One-bedroom flats in Richmond upon Thames average £362,300, with similar properties in Haringey priced at £345,600.
The data comes as estate agents adapt their marketing strategies in response to changing market conditions.
Colleen Babcock, Head of Partner Marketing at Rightmove, stated: “Buyers are weighing up value more carefully in the current market, and this analysis shows just how much variation there can be in what the same budget buys in different parts of Britain.”
She added that with the number of homes for sale at historically high levels for this time of year, properties that are well-priced for their size, location and condition are more likely to attract buyer interest.
Market implications
The analysis underscores the ongoing north-south divide in UK property values, with implications for investors considering portfolio diversification strategies. The data suggests that buyers with fixed budgets face significantly different property options depending on their target location, whilst property investment in northern regions continues to offer greater space per pound spent.
The findings also reflect the persistent premium attached to London property, where demand for smaller units remains high despite limited purchasing power relative to other UK regions.
