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Brits unaware of regional house price differences

Some Brits don’t have a grasp on how house prices vary across the country, research from online estate agent Housesimple has indicated.

One in five Brits (19%) wrongly believe a four-bedroom barn conversion in Blackburn cost more than a two-bedroom penthouse in London – the London home would cost around £2.49m more.

People in London seem to be less aware of the difference in the capital’s property prices compared to other locations in the UK, with a quarter (25%) incorrectly believing that the converted barn in Blackburn was the pricier option.

Sam Mitchell, chief executive at Housesimple, said: “Property prices are a national obsession, so it’s interesting to see from the results that the majority of Brits may not know what they could get for their money in other parts of the country.”

“That’s why we’ve put together a quiz for people to test themselves when it comes to their knowledge on property costs across the UK, you could be surprised that you can get more for your money elsewhere.”

In some cases people think house prices are higher where they live, regardless of the reality.

Indeed, the majority (62%) of people in Leeds correctly predicted that a five-bedroom semi-detached property in the city is worth more than a three-bedroom detached house in Nottingham.

However people in Nottingham incorrectly assumed that the house in their city was the priciest (62%).