15 November 2021
The Buffalo Post
BuffPo Investigation
The Price is Right
What’s fuelling the UK’s buoyant house market?
House the size of a garage in Chelsea, London for sale at £395 000
London, Saturday,
Why are houses so expensive in
the UK?
The average house price in
England is now £271,000, €300
000, $360 000.
At one level, the explanation is
simple maths The UK, and in
particular England, has more
people per square mile than
other European countries.
The population density in
England is already almost double
the level in Germany and
quadruple that in France. But, on
the other hand, it has far more
space per person than Hong
Kong and China.
Here are some population
figures, people per square
kilometre.
Australia : 8
Canada : 10
Russia : 22
USA : 87
France : 321
China : 375
UK : 704
According to some estimates,
London is the second most
expensive city in the world with a
price per square meter for property
in London is approximately €30k.
Money Inc adds that London is
home to many of the major UK
tourist attractions such as
museums and art galleries, offers
luxury shopping and also has loose
regulations for purchases, making
it convenient for both legitimate
and illegitimate wealth to the
stashed there in the form of
property.
This is why, even though demand
for properties in London is so high,
there is a large number of houses
and apartments that are empty for
most of the year. The rich and
famous and the rich and secretive
Pricing a chateau
or a gaudy shed?
Prestige Property Announces offer a six
bedroom French chateau for sale in
Nouvelle Aquitaine enthusiastically
describing it as an “Exceptional
opportunity to acquire an exquisite 6
bedroom chateau, fully furnished and
beautifully presented, with swimming
pool and over 5 acres of glorious land.
The price? €745k or just over £600k
That’s the price of a three bedroom
terraced house in London! Rightmove
has one it describes as a wonderful
opportunity for a family looking for their
next home that's large enough to meet
their needs. The property is in need for
some updates to bring it in line with the
contemporary standards that typically
benefit period properties.
Or if £600k is too expensive for you, a
studio near Chelsea is available for just
£395k. For this, you will get a home that
measures just 22.6 square metres. The
“unique property” in Stewart's Grove,
has one bedroom, a bathroom and a
reception, according to the listing. The
seller adds that the home does not have
a garden and needs refurbishing. At
least, if you purchase the property, you
also have a colourful exterior and a front
door that opens directly on to the street.
“A large number of houses are
empty for most of the year.”
like to have a base in the capital
but do not use it as their full time
residence.
House prices in the UK reflect
distance from London, even though
most people don’t actually
commute there. The real answer
homes in the UK are so expensive
has more to do with the large
amounts of speculative money
“invested” in London.