It seems looks can be deceiving when it comes to house prices, as a new poll reveals that only 1% of people could correctly identify the most expensive homes in the UK.
Property experts Housesimple polled 2,000 people on the price of homes in the UK, and within their local areas, to challenge perceptions of property costs.
People were faced with a series of questions, all asking which of two property types is more expensive.
In one scenario, a four-bedroom barn conversion in Blackburn was compared with a two-bedroom penthouse in London. Despite there being a near £2.5m difference between the properties — the London home cost £2.8m, compared with the £360,000 barn conversion — around one in five wrongly believed the barn conversion cost more.
In another comparison, 35% of people incorrectly believed that a five-bedroom detached house in Norwich (£500k) cost more than a six-bedroom detached house in Suffolk (£1m).
The findings reveal that many people aren’t aware of the importance of location with regards to house prices, and that aspiring homeowners may be able to get more for their money elsewhere.
Sam Mitchell, CEO at Housesimple, commented: “Property prices are a national obsession, so it’s interesting to see from the results that the majority of Brits may not know what they could get for their money in other parts of the country.”
House Prices on the Rise
House prices are close to an all-time high in the UK, indicating the housing market’s recovery in recent years. But this is also a potentially discouraging development for first-time buyers struggling to get on the housing ladder.
If you’re unable to afford a deposit for a home, then self build offers an cost-effective alternative. Self build not only enables you to build your a home tailored to your specific requirements and lifestyle, but can also help you save up to 30% on market value.