The most expensive town in the UK has been named by the Office of National Statistics (ONS) where houses are going for £1.4m on average.
Northwood in West London is the UK’s most expensive place to buy property because of its suburban setting and good transport links to central London.
The town, which sits between Hertfordshire and North London, is served by three Tube stops along the metropolitan line- Northwood, Northwood Hills and Moor Park.
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(Image: Google Maps)
The ONS figures show that the gap between England’s most and least expensive towns in terms of house prices has reached £1m.
The median average price of homes 2020 ranged from £39,000 in Ferryhill, County Durham, to £1.05 million in Northwood.
The differences in England are drastic in comparison to other parts of the UK with Wales.
“A difference of £231,000 between the area with the highest and lowest house prices [in Wales], which was considerably smaller than the difference of over £1 million observed in England,” the ONS said.
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According to Rightmove, last year most property sales in London involved flats which sold for on average £531,907.
Terraced properties sold for an average price of £727,299, while semi-detached properties fetched £713,812.
Looking at listings on Rightmove, it is clear that most properties for sale in the Northwood area are either semi or fully-detached houses with most being priced well above the £1.4m average.
The overall average price is £667,923 for London which makes it the most expensive area of the UK.
London prices are almost double the UK average, despite prices growing at a much slower rate overall.
Rightmove figures show the priciest area within London was Central London with average prices at £1,563,996 and the least expensive was East London at £510,724.
The contrast in UK house prices means Londoners paid almost £1m pounds last year for one of London’s thinnest houses which was only 5ft wide while someone could buy a 3 bedroom terrace house in Ferryhill right now for £36,000.
The ONS also said it saw higher rates of price growth for properties with three or more bedrooms, compared with those with one or two bedrooms, as people looked for more space outside the capital during the pandemic.
The £1m disparity makes it clear just how much London property and towns near it are priced due to their location.
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