Average flat price in England and Wales soars over £250,000
THE AVERAGE price of a flat in England and Wales has risen over the quarter of a million pound mark, according to new figures from the Land Registry, with the most expensive flat sold last quarter fetching £13.25m.
A flat will now set buyers back an average of £250,101 across England and Wales – just edging over the threshold at which stamp duty jumps from one to three per cent.
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London Central Portfolio, which analysed the figures, also said the price of all property in England and Wales grew 1.3 per cent over the quarter to reach an average of £242,415.
Sixty-three per cent of sales that took place during the quarter were under £1m.
But the average price among so-called prime central London (PCL) properties stormed ahead of the market, climbing 7.2 per cent in the three months to reach almost £1.5m.
London’s most expensive sale – a house on Wilton Crescent in Belgravia – came in at £25m, while the most expensive flat, which sold for £13.25m, was on nearby Chesham Place.
In the highest sale value realised outside of the M25 a house in Weybridge in Surrey changed hands for £8m, while Egremont in Cumbria was the place to go for a bargain – which recorded the lowest price for a sale over the quarter at just £7,000.