In my line of work I meet many property entrepreneurs…from budding enthusiasts…to seasoned developers. Meetings whether face-to-face, by phone, Skpe or email lead on to many interesting conversations some of which, I write about. I don’t profess to have all the answers but I like reading and learning about property.
This sometimes takes me away from our local Walsall property market, to conversations about our region and the national geographic area as a whole. My expertise is in the local area where I ‘ply’ my trade to ‘eek’ out a living. Anyway, I thought I would share something different with you this week, my blog reading friends, which I found really interesting and entertaining at the same time…hope you do too!
If the population of the UK were condensed into just a single street, more than a third of us would live in a semi-detached house worth £207,000.
- A quarter of the population would live in a detached home worth almost £333,000
- More than a quarter would live in a terraced house, at an average price of £177,000
- Just 14% would live in a flat or maisonette property, worth just shy of £200,000
Research into the current distribution of housing type and value has highlighted the differences in the make-up of the UK’s residential housing.
The analysis, undertaken by the UK’s largest house builder Barratt Homes, envisions regions of the UK as just a single street, breaking down the population into four housing types; terraced, detached, semi-detached and flat/maisonette. It also attributes current average values to each property type.
Data was sourced from the Land Registry UK House Price Index dated April 2017, ONS Census Data for England and Wales, NRS Census Data in Scotland and NISRA Census Data in Northern Ireland.
Imagining the UK as a single street, 32% would live in a semi-detached home, with an average value of £206,873. A quarter (25%) would live in a detached property worth just shy of £332,839, with 14% in a flat or maisonette worth just over £199,000, equivalent to over nine million people.
The remaining 25% of the population would live in a terraced home with an average value of £174,000, but the value and distribution of terraced properties varies dramatically by region. An interactive version of the single street concept, highlighting each individual region, is available on the Barratt Homes website: http://www.barratthomes.co.uk/uk-in-a-street.
For example, in a street representing the West Midlands, 24% would live in a terraced house, but its average value would be £143,749 which is just over £33,000 less than the national average. This compares to a London street, where a terraced house would be worth almost four times more (£494,851), housing 27% of residents. In the West Midlands, the average value of all the four property types would be approximately £185,605.
The make-up of London’s property landscape is dominated by flats, with 43% of Londoners living in one, the most of any region in the UK. In fact, barring Scotland, where 29% of properties are flats, the average for the rest of the country is just 9.8%.
Unsurprisingly, London’s flats are also significantly more expensive than the rest of the country. Their average price is £428,476, a figure just under four times the average flat in the West Midlands, which is valued at just over £120,000. Excluding London, the national average is just £127,000, highlighting the weight London carries in both the distribution and average value of property.
A spokesperson for Barratt Homes said: “Our research reveals what the UK in a single street would look like but also how this picture differs across regions, both in the type of houses and, of course, the price. It’s fascinating to see the diversity of our housing stock and hopefully useful to show buyers what the property ladder looks like in their area.”
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