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More mansion for your million
Posted by Catherine Deshayes on Friday, February 26, 2010
Primelocation looks at the disparity in what £1 million can buy in the top ten UK cities and reveal that the choice of location for one of these pricey pads could see homeowners lose up to 2,561 square foot...
The property portal carried out research into the disparity between what £1million can purchase in the UK's top ten cities and found that the difference could be up to triple the floor space.
Of the top ten largest cities, Liverpool offers Prime homebuyers the most space for their money. £1million properties in the North West city have an average floor area of 4,000 sq ft, making them almost three times the size and £440 less expensive per sq ft than their London counterparts - the most expensive properties.
Homebuyers in Liverpool and Glasgow pay approximately £250 per sq ft for a £1million home, compared to the £690 needed by those in some parts of the capital. Liverpudlians and Glaswegians can expect to find attractive and spacious detached properties with between four and seven bedrooms, several reception rooms and a large garden.
Discrepancies within London mean that whereas £1million buys only 1,443 sq ft in the prestigious borough of Kensington and Chelsea, homebuyers in less exclusive Hackney can purchase an additional 485 sq ft (1,928 sq ft). Sought-after homes range from more compact three-bed flats in converted Victorian terraces to three-bed terraced town houses with a small garden.
There is a steep jump between London prices and those in Bristol, the second most expensive city and only other Southern location, which sees homebuyers paying £344 less per sq ft for more than half the space again of a London property.
Andrew Smith, Head of Research at Primelocation.com, comments: "It's no secret that space comes at more of a premium in some locations than others, but it is the scale of the disparity that is the talking point. Prime properties in London come with distinction and the substantial advantage of being on the doorstep of some of the country's best amenities, as well as being within the business hub of the UK. However in some cases, these homes are so bijou that they could fit into just one or two rooms of a prime property further north, which offer space in the form of extra bedrooms, reception rooms and generous gardens, as well as style.
"With value for money being in the eye of the beholder, this trade-off between location and space is one that many top-end homebuyers are willing to make and there will always be a robust market for prime property, no matter what its size, providing it is quality stock in a choice location. The old adage ‘location, location, location' remains as true as ever."
The results below show the type, size and price per sq ft of £1million properties in the UK's top ten cities by population (ranked by price per sq ft)
City: London - Kensington & Chelsea
Typical property type: 2/3 bed flat, Converted period terrace
Floor area (sq ft): 1,443
Price per sq ft: £690
City: London - Hackney
Typical property type: 3 bed house, Georgian terrace
Floor area (sq ft): 1,928
Price per sq ft: £518
City: Bristol
Typical property type: 6 bed house, Georgian terrace
Floor area (sq ft): 2,745
Price per sq ft: £346
City: Birmingham
Typical property type: 4 bed house, modern detached
Floor area (sq ft): 2,767
Price per sq ft: £323
City: Leeds
Typical property type: 5 bed house, detached new build
Floor area (sq ft): 2,950
Price per sq ft: £322
City: Manchester
Typical property type: 6 bed house, period detached
Floor area (sq ft): 3,154
Price per sq ft: £315
City: Nottingham
Typical property type: 6 bed house, modern detached
Floor area (sq ft): 3,344
Price per sq ft: £291
City: Edinburgh
Typical property type: 6 bed house, Georgian detached
Floor area (sq ft): 3,666
Price per sq ft: £259
City: Leicester
Typical property type: 5 bed house, modern detached
Floor area (sq ft): 3,950
Price per sq ft: £253
City: Liverpool
Typical property type: 4 bed house, modern detached
Floor area (sq ft): 4,004
Price per sq ft: £250
City: Glasgow
Typical property type: 5 bed house, period terrace
Floor area (sq ft): 3,981
Price per sq ft: £249
Check out homes for sale across the UK at http://www.themovechannel.co.uk/property/england/
Picture by eperales
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