New data from online comparison site Finder has highlighted the variation in price for city centre apartments around the world.
The research showed that there was a massive contrast in price between the most expensive cities and the cheapest, with Hong Kong topping the list at an average of £1.3m and Ukraine’s city Sumy the cheapest at £20,000.
Notably the UK came in as the 16th most expensive country to buy a city centre flat, with apartments costing double what they would in the USA and on average £100,000 dearer than in other European cities.
Importantly, though, prices in the UK do fluctuate greatly depending on which city you’re looking to buy. An example of this is that investors could pick up a flat in central Manchester for just £144,000, but would be looking at £788,000 in central London.
Finder’s chief executive officer, Jon Ostler, commented: ‘These statistics show that prices for a city centre flat in the UK are generally comparable to our European and global counterparts. London is very much the exception to this rule though, with a central flat being out of reach for young British people trying to get a foot on the property ladder.’
Whilst not the cheapest place to invest, the UK property market is considered one of the best in the world, with house prices on average up by 240% in the last 20 years.
Although the London market has been shrouded with negativity for quite some time regional cities such as Manchester, Liverpool, Leeds and Sheffield have been flourishing as their popularly continues to rise among young professional renters looking for a higher standard of living. This has resulted in regional cities offering some of the best yields in the country and a renewed cultural appreciation for Northern cities puts places like Manchester up there with the most fashionable places to rent.
If you’re looking to invest in the UK property market, view our available opportunities here and see how far your pound could stretch!
