The most expensive places to buy a home in the UK (2024)

FAQs

The most expensive places to buy a home in the UK? ›

London will always win the top spot and currently the average price here id £523,400 which is almost two times more than the UK Average.

It will probably come as no surprise to our readers that London is by far the most expensive city to buy and rent a property. First-time buyers in London are looking at an average of £501,934 for a standard two-bed property with mortgage payments at £1,862 per month.

London, unsurprisingly, is one of the most expensive places to live in the UK. In late 2023, the ONS House Price Index showed the average price of a house in the capital sat at £535,597 in August. Following this was the Southeast (£393,417), the East of England (£350,728), and the South West (£328,413).

North-east England remains the most affordable part of the country to buy a home in the UK, according to Halifax's latest house price index. Buying a property there will set you back on average £172,538.

According to the report, London was its number one wealthiest city in the world for many years.

We find that majority of the top richest counties of the UK are present in the constituent nation of England, specially in the South Eastern region of England. Surrey takes the top spot as the richest county in the UK with a total property worth of £287.6 billion followed by Dorset and Buckinghamshire.

Places like Westminster, Chelsea, and Knightsbridge have some of the country's most expensive homes, with many residents who are celebrities or hold high office. Britannica. "London."

Windsor tops the list with over 850 millionaires followed by Weybridge with over 800 millionaires.

Both nations have a cost of living that varies greatly depending on where you live. However, you can expect that there will be a higher cost of living in the US than the UK. Data shows that the cost of living is 0.49% lower in the UK than the US. This difference is even greater in cities that are expensive to live in.

Where is the best place to buy property in the UK 2024? ›

The average US household is almost a third richer than its UK counterpart and most of this difference is down to housing being cheaper in the US, according to a study by a leading thinktank.

London will always win the top spot and currently the average price here id £523,400 which is almost two times more than the UK Average.

Households are paying more than other countries – but getting less in return, the Resolution Foundation said. “When it comes to housing, UK households are getting an inferior product in terms of both quantity and quality,” the thinktank said.

Looking more closely, we find that rental prices in New York City are 50.7% higher than in London. That said, purchasing property in the US usually is cheaper than in the UK. The table below offers a general overview of the cost of accommodation in both countries.

St Albans in Hertfordshire was named by Rightmove as the most expensive city to be a first-time buyer outside London, due to its commuter links to London and architecture that is steeped in history. Cambridge and Winchester followed as second and third most expensive cities for first time buyers outside the capital.