What would you do with one million pounds? Buy a fancy new car? Go on the holiday of a lifetime? How about buy your dream house? What kind of property would a million pounds buy you today in the UK?
There is no one answer to this question as it all depends on where in the market you’re searching, it is generally accepted that the country is cheaper to live in than the city, but how much more can you get for your money outside of the city centre? And which parts of the United Kingdom offer the best value for money?
Kensington, West London, this area is well known for the royal residence of Kensington Palace, but what properties are available for the public to purchase? In this particular area of London £1million will buy you a spacious two bedroom flat with private parking, en-suite bathrooms and large drawing rooms. An advantage to living in the city is that you are always close by to a train / tube station and convenience stores however, property with central London postcodes will certainly cost more per square meter than anywhere else in the UK.
A million in Royal Tunbridge Wells, Kent could buy you a property significantly larger than in the city of London. In this small town in the south-east of England £1million would get you a six bedroom house with a large garden, swimming pool and typically three bathrooms. Kent is well known as being the garden of England, situated in the south-east it can be expensive as it is close to London and therefore popular with commuters however, you will find the deeper into the countryside you search the better value the property will become.
£1million in Dundee, Scotland will comfortably buy you a fourteen bedroom house on a large plot of land. Scotland has been named the cheapest place to live in the UK by Halifax House Price Index; in Dundee you could purchase a fourteen bedroom property, with four bathrooms, five reception rooms and an acre of land for just over half of the £1million price limit we are looking at for a two bed in London. With that in mind, Scotland with its historic buildings and beautiful scenery, Offers great value for money but of course when it comes to property the old adage “location, location, location” holds firm; the more desirable an area is the more property will cost.
For a cool million in Cardiff, Wales you could buy yourself a stunning three story, eleven bedroom house; including en-suite bathrooms in the majority if not all of the bedrooms, sizable gardens and private parking. Wales has some of the lowest living costs in the United Kingdom and the house prices although not as low as Scotland, certainly reflect this. The house prices in Wales vary greatly depending on the location of the property; you can purchase an eleven bedroom property for £750,000 in the city of Cardiff, just outside of Cardiff in the town of Fairwater a three bedroom property will be sold for an average of £875,000. When purchasing a property in Wales, the amount of land included should be taken into consideration as it can fluctuate vastly and will have a large impact on the value and desirability of the property.
Written by Louise, UrbanSalesandLettings