How much would you expect to pay for a two-bedroom flat? New analysis has revealed the differing costs across the world, as well as how the UK’s major cities compare.
City centre dwellers in Hong Kong will need particularly deep pockets if they want to secure themselves a two-bedroom flat there, with comparison website Finder listing it as by far the most expensive country out of the 91 that were analysed in their latest research. There, the average price per square metre in a city centre location comes in at a huge £21,727, bringing the cost of an average two-bed flat to £1,280,000.
The next most expensive countries, which were ranked using data from cost of living site Numbeo combined with an average two-bed flat size of 59.11 square metres – the UK average – were Singapore at £781,000, Switzerland at £543,000, South Korea at £438,000 and Japan at £364,000.
The UK was listed in 16th place with an average price per square metre of £3,839 and the median cost of a two-bedroom flat coming in at £227,000.
Millennials in the city
However, looking at specific cities, after Hong Kong, London came in second place as the most expensive place to buy a two-bed, with an average cost of £788,000 – which is 529% of the global average of £149,000.
In the UK, city centre living is hugely popular among millennials looking to both buy and rent, as more people now prefer to live closer to the heart of the action – and jobs – rather than spend longer commuting. While the capital is arguably out of reach for all but the most affluent buyers, other cities were listed as much more affordable options in the statistics.
Moving away from London
In Manchester, for example, the average price of a two-bedroom city centre flat according to the data is £144,000, which is 97% of the global average and 63% of the UK average. For the price of one London flat, you could potentially purchase five equivalent apartments in Manchester, making it a much more viable option for the likes of first-time buyers as well as property investors.
Meanwhile, two-bedroom flats in Liverpool came in at slightly more costly according to the research with an average of £294,000, which still brings the city in at a much more affordable cost compared to the capital.
Commenting on the figures, Jon Ostler, UK CEO at finder.com, said: “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.”