As the Royal Engagement of Price Harry and Meghan Markle has dominated the news recently, questions have started popping up surrounding the announcement – do we get a day off for the wedding? (Sadly, probably not!) How did he propose? Where will the wedding be? And of course – where will they live?
As the Evening Standard reports, the couple will live together in the Nottingham Cottage, which is one of the smallest properties on the Kensington Palace estate, with two bedrooms, a living room, kitchen and bathroom.
It may be small and quaint but it’s still in the prestigious W8 postcode, where the average property asking price is £3,167,553, almost 10 times more than the current UK average of £352 756. Despite their much higher price, properties in W8 stay on the market for an average of 208 days – only 67 days longer than the UK average of 141 days.
Of course, not many newly engaged couples are given a house to live in – in one of the most expensive areas in the capital – so for this Delving into Data edition we decided to take a look at current average asking prices in other (more affordable) cities in the country…
In Birmingham, the UK’s second largest city, 1.56% of properties are currently on the market with the average asking price of £252 856, and an average of 116 days on the market. Apartments specifically are listed at £184,134 (avg), selling after 122 days on the market on average – however, these are rarely seen on the market, with only 0.02% of Birmingham apartments currently listed. The most affordable properties in Birmingham are in the B7 postcode area, with the average asking price of £99,996 and 155 days on the market, so almost a month longer than the city’s average – which is rather surprising as this area is only a short train journey (or a 30-minute walk) to the city centre. Properties in B7 are also rarely seen on the market, with only 0.39% currently listed.
Manchester may also present an interesting option for first time buyers, with the average property asking price of £208,545, around £150K below the UK average. Properties in the M5 postcode area of Ordsall, just outside the town centre, are listed at £142,063 on average and sell fast after just 104 days on the market.
Going further north to another of England’s major cities, Leeds, the average asking price is currently £243845 and the average time on market is 118 days. And further still, in Glasgow, the average asking price is below the £200K mark - currently at £187,564 and only 103 days on the market.
To read more of our Delving Into Data property insight posts, click here.
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