Lenders across the board are offering coronavirus mortgage holidays to those who are facing financial hardship, but is it worth it? Read more…
Cost of a city centre flat around the world
How do property prices in the UK compare to the rest of the world?
How do property prices in the UK compare to those of the rest of the world? We estimated the average cost of a city-centre two-bed flat in 99 countries to find out. Of these, the UK was the 13th most expensive, at £254,000. The average across all countries was £148,000, which makes the UK’s figure 71% higher than the global average.
The most expensive place to buy a flat is Hong Kong (too small to be seen on the map), with a two-bed flat costing an eye-watering £1.4 million – nine times the global average.
On the other end of the spectrum, the cheapest place for property appears to be Pakistan, where a flat of the same size would cost you a modest £29,000, 80% below average.
Wherever you decide to live, you’ll need some help along the way. Find out how to get a mortgage for an overseas property. You will also need to find a trusted provider to transfer your money overseas. If you’re aiming to get on the property ladder in the UK, check out our guide for first-time buyers for advice and tips on all the help that is available to you.
How do prices compare across Europe?
The average cost of a flat in Europe is £154,000, only marginally more than the global average of £148,000. However, the cost of a flat varies between European countries, with the most expensive country (Switzerland, £501,000) costing over £450,000 more than the cheapest (Moldova, £43,000). The UK is the 5th most expensive country in Europe to buy a 2-bedroom flat at £100,000 more than the European average (£254,000).
European regions compared
We compared the different regions of Europe to see how the price of a flat compares. Eastern Europe is the cheapest region to buy a flat in, at an average cost of £84,000. Whereas a flat in Western Europe, the most expensive region, will cost over 3.2 times more at £275,000, over £190,000 more expensive. The average cost of a flat in Northern Europe (the region including the UK) is £198,000 while Southern Europe costs £107,000.
Explore the map and the table below to find out more about the cost of a flat around Europe.
|Country||Subregion||Cost of a 2-bed flat||Compared to European average|
|United Kingdom||Northern Europe||£254,000||164.94%|
|Czech Republic||Eastern Europe||£182,000||118.18%|
|Bosnia and Herzegovina||Southern Europe||£63,000||40.91%|
The full list of countries
The top 10 most expensive cities for a flat
|City||Average cost of flat in city||Compared to global average|
|Hong Kong, Hong Kong||£1,397,000||944%|
|London, United Kingdom||£758,000||512%|
|Seoul, South Korea||£707,000||478%|
|New York, NY, United States||£677,000||457%|
|San Francisco, CA, United States||£600,000||406%|
See the stats for these 8 UK cities
|City||Price per square meter in city centre||Average cost of 2-bed flat||Compared to global average|
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 almost all young Brits trying to get a foot on the property ladder.”
“If you’re a first-time buyer looking to purchase a flat or house, there are various ways that you can get assistance. Help to buy schemes allow you to earn tax-free interest, and the government also adds 25% to your savings (up to £3,000), which is a no-brainer if you’re serious about purchasing. People are increasingly looking at shared-ownership as well. This allows you to purchase part of a flat from a housing association and will result in a lower deposit and monthly payments. You can then purchase more of the flat as and when you’re able to. You can see more helpful information on this dedicated page.””
The median area of a two-bed flat in the UK, according to a 2010 dwelling size survey, is 59.11 square metres. Therefore each price per square metre was multiplied by 59.11 to get the cost of a two-bed flat in each country.
Click here for more research. For all media enquiries, please contact:
Our comprehensive guide to property flipping gives you all the information you need to make a profit, from finding the right property to the costs you need to consider. Read more…
You’ll find customer satisfaction star ratings on some of our mortgage provider reviews. Here’s how we came up with them. Read more…
We looked at the latest statistics to see how difficult it is to get your foot on the property ladder in 2019. Read more…
From the average house price to how many outstanding mortgages there are, we explore all the latest mortgage statistics for the UK. Read more…
How to buy a repossessed property and what the risks and benefits are. Plus, where to look for properties, buying at auction and issues to look out for. Read more…
Ask an Expert