{"id":204834,"date":"2018-09-17T06:57:03","date_gmt":"2018-09-17T05:57:03","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=204834"},"modified":"2025-01-06T13:27:38","modified_gmt":"2025-01-06T13:27:38","slug":"press-release-city-centre-flats-cost-twice-as-much-as-in-the-us-and-100000-more-than-europe","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/media\/press-release-city-centre-flats-cost-twice-as-much-as-in-the-us-and-100000-more-than-europe","title":{"rendered":"UK city centre flats cost twice as much as in the US and \u00a3100,000 more than Europe"},"content":{"rendered":"<ul><li>UK is the 16th most expensive nation in the world for a city centre flat<\/li><li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Brits could buy five flats in central Manchester for the price of one in London (\u00a3144,000 v \u00a3788,000)<\/span><\/li><li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Hong Kong is the world\u2019s priciest country (\u00a31.3 million on average), while Egypt is the cheapest (\u00a327,000)<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">17 September, 2018, LONDON \u2013<\/span><\/p><p><span style=\"font-weight: 400;\">Research from personal finance comparison website <\/span><a href=\"https:\/\/www.finder.com\/uk\"><span style=\"font-weight: 400;\">finder.com<\/span><\/a><span style=\"font-weight: 400;\"> reveals that the average price for a two-bed city centre flat in the UK is \u00a3227,000 \u2013 almost \u00a3100,000 more than in Europe (\u00a3131,000) and over double the US average of \u00a3111,000.<\/span><\/p><p><span style=\"font-weight: 400;\">With a cost per square metre of \u00a33,839, the UK is the 16th most expensive nation(s) in the world for a central flat, with prices 52% above the global average.<\/span><\/p><p><span style=\"font-weight: 400;\">London is far more expensive than the rest of the UK, with a central flat generally costing buyers over four times more than the UK average. The average price of a two-bed flat in the capital is \u00a3788,000, or \u00a313,328 per square metre, making it the world\u2019s second most expensive city to buy an apartment in, after Hong Kong.<\/span><\/p><p><span style=\"font-weight: 400;\">However, August saw the biggest month-on-month drop in UK house prices in six years, fuelled by uncertainty over the housing market and Brexit, while BofE Governor Mark Carney has suggested that a \u2018no deal\u2019 Brexit could see house prices drop by a third. So both London and the UK may slide down these rankings.<\/span><\/p><p><span style=\"font-weight: 400;\">Globally, the costliest country for buying a city centre flat is Hong Kong, where a two-bed apartment would set you back \u00a31,280,000. This is followed by Singapore at \u00a3781,000 and Switzerland at \u00a3543,000.<\/span><\/p><p><span style=\"font-weight: 400;\">After Hong Kong, London and Singapore, the most expensive cities in the world for urban flats are Beijing at \u00a3676,000, Zurich at \u00a3670,000 and Shanghai at \u00a3667,000.<\/span><\/p><p><span style=\"font-weight: 400;\">The cheapest nation of the 91 countries with available data is Egypt. Here a two-bed city centre flat only costs \u00a327,000 on average. The cheapest city is Sumy in Ukraine, where a flat would cost \u00a320,000.<\/span><\/p><p><a href=\"https:\/\/www.finder.com\/uk\/mortgages\/world-cost-of-a-flat\"><span style=\"font-weight: 400;\">The 10 most expensive countries for city centre flats<\/span><\/a><\/p><table class=\" custom-table js-custom-table\"><thead><tr><td><b>Country<\/b><\/td><td><span style=\"font-weight: 400;\">Average price per square metre for city centre flat<\/span><\/td><td><span style=\"font-weight: 400;\">Price for two-bed flat<\/span><\/td><\/tr><\/thead><tbody><tr><td><span style=\"font-weight: 400;\">Hong Kong<\/span><\/td><td><span style=\"font-weight: 400;\">\u00a321,727<\/span><\/td><td><span style=\"font-weight: 400;\">\u00a31,280,000<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Singapore<\/span><\/td><td><span style=\"font-weight: 400;\">\u00a313,220<\/span><\/td><td><span style=\"font-weight: 400;\">\u00a3781,000<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Switzerland<\/span><\/td><td><span style=\"font-weight: 400;\">\u00a39,182<\/span><\/td><td><span style=\"font-weight: 400;\">\u00a3543,000<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">South Korea<\/span><\/td><td><span style=\"font-weight: 400;\">\u00a37,402<\/span><\/td><td><span style=\"font-weight: 400;\">\u00a3438,000<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Japan<\/span><\/td><td><span style=\"font-weight: 400;\">\u00a36,165<\/span><\/td><td><span style=\"font-weight: 400;\">\u00a3364,000<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Taiwan<\/span><\/td><td><span style=\"font-weight: 400;\">\u00a36,089<\/span><\/td><td><span style=\"font-weight: 400;\">\u00a3360,000<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Israel<\/span><\/td><td><span style=\"font-weight: 400;\">\u00a35,365<\/span><\/td><td><span style=\"font-weight: 400;\">\u00a3317,000<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Norway<\/span><\/td><td><span style=\"font-weight: 400;\">\u00a35,073<\/span><\/td><td><span style=\"font-weight: 400;\">\u00a3300,000<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">China<\/span><\/td><td><span style=\"font-weight: 400;\">\u00a35,038<\/span><\/td><td><span style=\"font-weight: 400;\">\u00a3298,000<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Sweden<\/span><\/td><td><span style=\"font-weight: 400;\">\u00a34,973<\/span><\/td><td><span style=\"font-weight: 400;\">\u00a3294,000<\/span><\/td><\/tr><\/tbody><\/table><p><span style=\"font-weight: 400;\">To see the full list of average flat prices by country and city, alongside an interactive map, visit: <\/span><a href=\"https:\/\/www.finder.com\/uk\/mortgages\/world-cost-of-a-flat\"><span style=\"font-weight: 400;\">https:\/\/www.finder.com\/uk\/world-cost-of-a-flat<\/span><\/a><\/p><p>Speaking about the findings, Jon Ostler, CEO at <a href=\"https:\/\/finder.com\/uk\"><span style=\"font-weight: 400;\">finder.com<\/span><\/a><span style=\"font-weight: 400;\"> said: <\/span><i><span style=\"font-weight: 400;\">\u201cThese 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.<\/span><\/i><\/p><p><i><span style=\"font-weight: 400;\">\u201cIf you\u2019re 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 \u00a33,000), which is a no-brainer if you\u2019re 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\u2019re able to.\u201d<\/span><\/i><\/p><p><span style=\"font-weight: 400;\">##<\/span><\/p><p><span style=\"font-weight: 400;\">Methodology<\/span><\/p><p><span style=\"font-weight: 400;\">The price per square metre for a city-centre flat in each country was taken from <\/span><a href=\"https:\/\/www.numbeo.com\/cost-of-living\/prices_by_country.jsp?itemId=100&amp;displayCurrency=GBP\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">cost-of-living site Numbeo<\/span><\/a><span style=\"font-weight: 400;\">. Countries not included in its table weren\u2019t used in this analysis.<\/span><\/p><p><span style=\"font-weight: 400;\">The median area of a two-bed flat in the UK, according to <\/span><a href=\"http:\/\/webarchive.nationalarchives.gov.uk\/20110118111538\/http:\/\/www.cabe.org.uk\/files\/dwelling-size-survey.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">a 2010 dwelling size survey<\/span><\/a><span style=\"font-weight: 400;\">, 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.<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>Research from personal finance comparison website finder.com reveals that the average price for a two-bed city centre flat in the UK is \u00a3227,000 \u2013 almost \u00a3100,000 more than in Europe (\u00a3131,000) and over double the US average of \u00a3111,000.<\/p>\n","protected":false},"author":385,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[3788],"tags":[],"asset_tag":[],"class_list":["post-204834","post","type-post","status-publish","format-standard","hentry","category-media"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - 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