New research from eXp UK, the platform for personal estate agents, has revealed that the gap between the very top and very bottom of the property market is currently a whopping 183,900% across England and Wales, when it comes to the highest and lowest sold price so far this year.
eXp UK analysed sold price data for transactions to have completed so far this year (Jan to Aug – latest available), looking at the market gap between the very top and bottom ends of the market.
The research shows that so far in 2023, the most expensive property sale has been an apartment in Ashburton Place in the City of London, which sold in June for a staggering £38,640,0000.
At the other end of the market, a terraced home in Cumberland Street in County Durham sold in March of this year for just £21,000.
As a result, the current gap between the very top and bottom end of the property market across England and Wales currently sits at 183,900% – a difference in sold price of over £38.6m.
In London, the most affordable home sold in 2023 so far comes in at £80,000, meaning the gap between the bottom end of the market and the £38.64m home sold in the City of London is still 48,200% – the largest market gap at regional level.
In the South East, the most expensive home sold in 2023 to date went for £20.75m, some 47,601% more than the region’s most affordable sale at £43,500.
The South West ranks third in this respect, where the most affordable home sold commanded £35,000, while the region’s most expensive home sold for £13.5m – a market gap of 38,471%.
The East Midlands is home to the smallest market gap of all regions of England and Wales. Even still, the most expensive home sold so far this year went for £2.5m while the most affordable sold for £30,000, meaning the market gap across the region still sits at 8,235%.
Head of eXp UK, Adam Day, commented:
“Getting a foot on the housing ladder is a tough ask in this day and age and the average cost of a home has spiralled in recent years.
However, the market itself is incredibly fragmented and while average house price data gives us some insight, it certainly doesn’t tell the whole story.
It’s fascinating to see just how large the gap is between the very top and very bottom of the house price rankings and how this gap is sizable regardless of which region you look at.”
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