You don’t need a director of residential research like me to tell you that the price you pay for a house in Britain depends very much on where you live. But the difference in the cost of the top one per cent of homes by region just might come as a surprise.
Talk of a North-South divide is nothing new. A look at Experian data showing where the highest earning households are located, for example, brings it into stark relief. Of the top one per cent of these, three quarters can be found in London and the South East, whereas the share stands at just 0.2 per cent in the North East.
Comparing the top one per cent of house prices across Britain also illustrates the trend. In the North East, you might expect to pay £533,000 for one of the finest homes in the region. In the South East, the price tag rises to £1.35 million and in London values shoot to more than £3 million.
Of course those averages mask even wider variations.
There are 90 local authorities where the highest values start at £1 million or more – Kensington and Chelsea leads the way at nearly £14 million. Incidentally, the Royal Borough of Kensington and Chelsea also takes number one spot in the top 10 councils with the highest percentage of the highest earners (nearly 21 per cent). And there are three local authorities where the most expensive houses come in below £300,000 – the lowest being £250,000 in Eilean Siar (the Western Isles).
Here’s a closer look at Britain’s top one per cent of housing transactions: