Have you ever wondered what sort of house you’d live in if you had £1,000,000 to spend on it?
Whether you’re thinking of an enormous beachside apartment with floor-to-ceiling windows, or a 10-bedroom country manor surrounded by acres of glorious green fields, it’s likely you have a particular size and style of home in mind. But when you consider the vast differences in average house prices across the UK, could you get more for your money in certain regions? Our infographic sheds a bit of light on this query:
We took a peek at the average price of a house in each area of the UK to see if it made a difference to what you could get for a million. Unsurprisingly, London came out on top, with an average property price of £472,230; what we wanted to know was whether that meant that houses costing £1,000,000 in London would be the biggest and fanciest homes of all, or would the money stretch further in areas where the average house price was lower?
Read on to find out what you can typically get for £1,000,000 in each area:
The North East has the lowest average house price in the UK, at £125,233. The typical £1,000,000 property in this region would be a spacious detached property, perfect for big families. Houses tend to sell for £1,000,000 or more in the suburbs of Newcastle and picturesque villages in Northumberland and County Durham.
Homes in Northern Ireland are slightly more expensive than those in the North East, averaging at £136,669. As you might imagine, £1,000,000 houses in this region often lie in the beautiful countryside and coastal areas of Northern Ireland. Typical houses with this price tag tend to be detached properties with stunning views of scenery, such as the breathtaking Holywood coastline and rolling County Down hills.
Another part of the UK famed for its fantastic country views, Scotland’s average house price weighs in at £149,036. But if you’re willing to spend a million or more, you could be getting a magnificent period property with perfectly landscaped gardens and characterful features, perfect for large families.
Wales is another of the UK’s beauty spots, with an abundance of coastal, countryside and mountainous views to attract potential buyers. The average house price in Wales is £160,811, but you can get a lot for £1,000,000. Typical homes at this price are likely to have numerous bedrooms with plenty of character, not to mention windows overlooking the dramatic landscape of mountains and sea.
Yorkshire & the Humber
Again, Yorkshire is a region well-known for its beautiful countryside scenery. Average house prices here sit at £160,420, but if you’ve got a £1,000,000 burning a hole in your pocket, you could be the proud owner of a stunning farmhouse with several acres of land to call your own.
In the North West, you can expect to spend £160,811 on an average home. For a million, you could get a large detached home surrounded by countryside and easily accessible via road for those in need of commuter access. There will likely be local amenities nearby, striking a perfect balance between rural and urban living.
The average house price in the East Midlands is substantially higher than in the North West, at £192,757. For £1,000,000, properties in this area tend to be large detached homes set away from city areas; this type of home is most likely to be found in the rural parts of Lincoln and Nottingham.
Not too far ahead of its eastern counterpart, the West Midlands has an average property price of £195,399. Houses in the £1,000,000 region here are most likely to be found in affluent areas, such as Stafford and Sutton Coldfield. Expect these houses to be large and spacious and built in rural settings; the one in our infographic has a whopping 11 stables!
The South West has an average property price of £253,926, and it’s fair to say that £1,000,000 houses in this area are pretty impressive. As Britain’s largest region in terms of area, the South West is abundant in beautiful landscapes that anyone would love to wake up to in the morning. For a million, you could get a stunning home on the peaceful waterfront, or a breathtaking period home out in the Dorset countryside.
East of England
In the East of England, the average price of a home is £288,494. A typical £1,000,000 house in this region is likely to have upwards of 6 bedrooms, like the listed building in our infographic, which boasts a cellar, library and double garage! Houses of this price tend to be found in very affluent areas, such as Suffolk.
To buy a house in the South East, the average cost is £321,184. Houses in this area can go up to far higher than a million, with some properties costing as much as £18,750,000! Typically, houses that cost upwards of £1,000,000 in the South East have between 5 and 10 bedrooms, based in the likes of Surrey, Oxfordshire and Berkshire.
Our capital is home to the UK’s most expensive properties, with houses averaging at £472,230. Unlike the other regions, £1,000,000 homes in London aren’t necessarily big, multiple-bedroomed houses (though there are a few of those, too!); there are actually a lot one-and two-bedroom apartments sporting the million-pound price tag in the city, too. But of course, at that price, they’re not your average flat. These properties have a range of fascinating features, such as private balconies, swimming pools, luxury interiors and concierge services.
We were interested to find that there was very little discrepancy between the areas in terms of what you can get for £1,000,000. The bottom line is, if you can afford to buy a £1,000,000 property, you’re getting something extraordinary, particularly if you’re buying in the countryside.
When it comes to buying a house, regardless of the price tag, it’s important that you look for the right things during your viewing. For more information, check out our guide on the top 5 things to look out for when viewing a new home.