4, February, 2021, LONDON –

The average property price in London went past the £500,000 mark in January, with a residential property in the capital now averaging a massive £514,000.

With many employees no longer needing to go into the office again due to pandemic, the personal finance comparison site, finder.com, carried out some research to find what properties you could buy elsewhere for the cost of an average property in London.

For just under £500,000 you could buy a 4-bedroom villa in Valencia, Spain, complete with a pool. This is not only £14,100 less than the London average, but also has 58,000 square feet more floor space than the average London property (1,200 square feet). The home’s cost per square foot is £8, which is 51 times less than the average cost per square foot of an average property in London (£427), making it the best value for money out of the properties analysed.

Alternatively, you can buy a lake-side 4-bed detached property in Paarl, South Africa with a pool, that has more than 4,120 square feet than the average London property. It also comes in at £11,100 less than the London asking price. Per square foot this property would cost £94, five times below the London average, making it second best value for money in finder.com’s study.

In Ban Thai Beach, Thailand you would be able to buy a beach-side 3,230 square foot villa (with a pool and outdoor cinema) for £508,000. This would have a cost per square foot of £157, around a third of the cost per square foot in London.

If you were to buy in Munster, Ireland you would be able to buy a modern 5-bedroom detached property at a price of £414,000, just under £100,000 less than the London average. This would get you a 2,370 square foot property, almost double that of an average detached property in London and at half the cost (£175) of a London property per square foot.

Although Dubai is considered expensive you can still get more for your money than in London. For £480,000 you can buy a 2,510 square foot townhouse boasting 4 bedrooms, which is almost three times the average size of property you would get in London in this price range. The cost per square foot of a London property is around two times more than this property’s £191 per square foot.

To see the research in full visit: https://www.finder.com/uk/mortgages

Methodology:
Research conducted by finder.com in February 2021.

ONS data was used to calculate both the average price of a property in London and floor space per property type. Properties around the globe were then found via Zoopla, and compared to London properties by amount of amenities, average cost and floor space. To determine cost per square foot, average prices were divided by floor space, then compared to London properties to determine the difference.