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Sale and rental prices in England

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What are the most expensive and most affordable areas in England to buy and rent? In this post we explore this question based on asking prices in the UK’s most popular online real estate portals (Rightmove, Zoopla, and Openrent) in December 2021. 

To buy

Most expensive to buy in England
AreasPostcode SectorPrice (£)
Marylebone, WestminsterW1U 26,358,440
Belgravia, Knightsbridge, WestminsterSW1X 75,535,217
Mayfair (north), Grosvenor Square, WestminsterW1K 25,299,500
Marylebone, WestminsterW1U 44,685,552
KnightsbridgeSW1X 84,126,774
Mayfair (north), Grosvenor Square, WestminsterW1K 73,956,923
South Kensington, Knightsbridge, Kensington and ChelseaSW7 13,593,833
South Kensington, Knightsbridge, Kensington and ChelseaSW7 23,530,294
Mayfair (south), Piccadilly, Royal Academy, WestminsterW1J 73,095,643
Belgravia, WestminsterSW1W 93,070,962

England’s property market has picked up pace as lockdown restrictions ease. As you could easily guess the top 10 most expensive areas to buy in England are all in London, more specifically the West and feature areas such as Marylebone, Belgravia, Mayfair, and so on. The average asking price in each stand (on average) at a staggering 7 figures, with even the cheapest amongst them higher than the £3 million mark, almost 60 times the median salary in London.

Least expensive to buy in England
AreasPostcode SectorPrice (£)
Bradford city centre, Little GermanyBD1 239,892
Easington, Easington Colliery, Horden, Little Thorpe, Peterlee, Shotton, Shotton Colliery, County DurhamSR8 447,789
Bradford city centre, Little GermanyBD1 448,700
Usworth, Sulgrave, Albany, SunderlandNE37 353,016
Liverpool City Centre, Edge Hill, Fairfield, KensingtonL7 356,693
Brambles Farm, Thorntree, Park End, North Ormesby, Berwick Hills, MiddlesbroughTS3 657,754
Thornaby, Ingleby Barwick, Stainton, Stockton-on-TeesTS17 761,136
Grimsby, Northeast LincolnshireDN32 764,840
Bolton, Smithills, Halliwell, HeatonBL1 165,959
South Shields Town Centre, Deans, High Shields, South TynesideNE33 566,943

The least expensive areas are away from the capital. These areas are Bradford, which tops the list, Durham, Sunderland, and so on. Don’t assume there is a typo. The prices in the least expensive areas in England are 100 times less than those in the most expensive ones. Another way of saying this, is that the average house in Belgravia could afford you almost 100 houses in Bradford. 

Check also our map of London average house prices.

To rent 

Most expensive rent (per month) in England 
AreasPostcode SectorRent (£)
Belgravia, Knightsbridge, WestminsterSW1X 710,533
Mayfair (north), Grosvenor Square, WestminsterW1K 67,799
South Kensington, Knightsbridge, Kensington and ChelseaSW7 17,581
South Kensington, Knightsbridge, Kensington and ChelseaSW7 26,397
Belgravia, Knightsbridge, WestminsterSW1X 06,378
St John’s Wood, Primrose Hill, Lisson Grove, CamdenNW8 65,864
Belgravia, Knightsbridge, WestminsterSW1X 85,419
Mayfair (south), Piccadilly, Royal Academy, WestminsterW1J 75,253
Belgravia, Knightsbridge, Westminster.SW1X 94,964
South Kensington, Knightsbridge, Kensington and ChelseaSW7 54,889

How about the rental market? Again no surprises on the most expensive areas. These are all in London and all exactly the same (or very close by) areas such as those of the most expensive sales that we saw above. 

Least expensive rent (per month) in England
AreasPostcode SectorPrice (£)
Anfield, Liverpool City Centre, Everton, Fairfield, Kensington, TuebrookL6 3390
Middlesborough Town Centre, Gresham, University, Abingdon, MiddlesbroughTS1 4390
BurnleyBB11 4393
Stoke, Fenton, StaffordshireST4 2396
Hull, Kingston upon HullHU5 1418
Liverpool City Centre, Edge Hill, Fairfield, KensingtonL7 2423
Hull, Kingston upon HullHU5 2424
Easington, Easington Colliery, Horden, Little Thorpe, Peterlee, Shotton, Shotton Colliery, County DurhamSR8 4431
Middlesborough Town Centre, Gresham, University, Abingdon, MiddlesbroughTS1 3441
Creswell, South Worksop, Whitwell, BassetlawS80 2462

The least expensive areas to rent are, as expected, outside London but differ significantly from the least expensive areas to buy. The main reason probably is that areas with low asking prices do not have much rental stock, while those with high asking prices have a much more significant rental stock. 

Check also our map of London average rental prices.

Trends

What do  households themselves expect to happen in house prices? Based on analysis by Knight Frank and IHS Markit the expectation is that current and future prices will be rising. As you may suspect sentiment was almost (except for the Great Financial Crisis of 2008) at an all-time low at the outset of the Covid-19 pandemic in March 2020. Since then, expectations have been rising with a few bleeps along the way, most probably related to new variants of the virus surfacing. As for the reasons, no surprises here either; as Tom Bill, head of UK residential research at Knight Frank, comments: “A supply/demand imbalance has produced gravity-defying UK house price growth”.

How about rental prices? At least in London, rental values are 5% up on pre-pandemic levels. With Covid-19 restrictions easing around the world and more people visiting the UK to work or study, we expect demand for rental properties to increase. This expectation is also backed up by the increased institutional investment in the Build-to-Rent sector, which toped £4.1bn in 2021 up £500 than 2020’s previous record, according to property advisory CBRE.