184,000% hole between the highest and backside finish of the housing market

New analysis from eXp UK, the platform for private property brokers, has revealed that the hole between the very prime and really backside of the property market is presently a whopping 183,900% throughout England and Wales, with regards to the best and lowest offered value to this point this yr.

eXp UK analysed offered value knowledge for transactions to have accomplished to this point this yr (Jan to Aug – newest accessible), wanting on the market hole between the very prime and backside ends of the market.

The analysis exhibits that to this point in 2023, the costliest property sale has been an condominium in Ashburton Place within the Metropolis of London, which offered in June for a staggering £38,640,0000.

On the different finish of the market, a terraced dwelling in Cumberland Avenue in County Durham offered in March of this yr for simply £21,000.

In consequence, the present hole between the very prime and backside finish of the property market throughout England and Wales presently sits at 183,900% – a distinction in offered value of over £38.6m.

In London, probably the most inexpensive dwelling offered in 2023 to this point is available in at £80,000, which means the hole between the underside finish of the market and the £38.64m dwelling offered within the Metropolis of London remains to be 48,200% – the most important market hole at regional degree.

Within the South East, the costliest dwelling offered in 2023 to this point went for £20.75m, some 47,601% greater than the area’s most inexpensive sale at £43,500.

The South West ranks third on this respect, the place probably the most inexpensive dwelling offered commanded £35,000, whereas the area’s most costly dwelling offered for £13.5m – a market hole of 38,471%.

The East Midlands is dwelling to the smallest market hole of all areas of England and Wales. Even nonetheless, the costliest dwelling offered to this point this yr went for £2.5m whereas probably the most inexpensive offered for £30,000, which means the market hole throughout the area nonetheless sits at 8,235%.

Head of eXp UK, Adam Day, stated, “Getting a foot on the housing ladder is a troublesome ask at the moment and the typical value of a house has spiralled in recent times.

Nonetheless, the market itself is extremely fragmented and whereas common home value knowledge provides us some perception, it actually doesn’t inform the entire story.

It’s fascinating to see simply how massive the hole is between the very prime and really backside of the home value rankings and the way this hole is sizable no matter which area you take a look at.”