It’s a well-known fact London is one of the most expensive cities in the UK. Whether you’re forking out £2.50 for a bottle of water or paying to use a public toilet, anyone visiting London will soon learn the expensive costs involved. This isn’t just unique to the London tourists but also to London residents who often pay incredibly high costs for London homes, compared to other parts of the UK. We’ve all seen articles depicting a tiny 1 bedroom studio apartment in central London on the market for £300,000+. But how realistic is this? We’re going to take a closer look at what you get for your money in London compared to Norwich.
Using statics from Rightmove, we’ve discovered that in the past year, the average price of a property in London was £599,843. Compare this to the average price of a Norwich property of £227,575, and straight away you will see the staggering difference. If we take a closer look we will see that, in the past year, flats were the most common property sold in London with an average price of £527,491. Whilst in Norwich, the most common property sold were terraced houses with an average sale price of £206,659. A terraced house in London would cost you on average £653,329. If we look even closer, we will see that this average increases to an astonishing £4,311,651 for a terraced house in London’s most expensive borough, Kensington and Chelsea, with the average property price of £2,132,864. Even in one of the cheapest areas of London, East London, the average terraced property is £481,509, more than double the average price of a similar property in Norwich.
If we have a look at some actual examples, for the same price of the average London property, you could buy this four bedroom farm cottage AND this 2 bedroom bungalow.
Or for the same price of the average terraced house in London, you could buy this seven bedroom countryside cottage on a 2.5-acre plot. You would even have enough money left over for a brand new Porsche 718 Cayman. 
If you’re thinking of buying or selling a property or would like your know the value of your property, get in touch! We can be reached on 01603 300900, by email at [email protected], or pop in and see us at De Vere House, St Faiths Lane, Norwich, NR1 1NE
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