London House Prices: Tiny Flat Worth Cost of Mansion in Spain or US
A tiny flat in London could buy a mansion in Spain or the US, according to a property research study conducted by internet data firm Import.io.
An infographic based on the research produced by NeoMam studios says that with the average UK mortgage of £254,000 ($410,600, €322,800), one can buy a 250m²property in Spain's Barbella, compared to a 72m² house in London.
In other words, if one decides to pass on London and move abroad with a £254,000 mortgage, they can buy a property 3.5 times larger in Spain's Marbella.
With the same amount, one can buy a 267.28-square-metre property in Florida, US, - 3.7 time larger than the London house. However, in Australia's Perth, the amount can buy only a 52m².
The housing market in the UK is experiencing a steady increase in prices, with shrinking supply. Given the situation, it is no wonder that many consider moving abroad to get better value for their money, according to Import.io.
The research is based on data from a number of online real estate websites, and found that there were about 100 properties available at the price of £254,000 in London, ranging from 1-bed flat to 3-bed end-of-terrace home.
In Florida, one can buy a 6-bed mansion in a purpose-built gated community with that amount. A spacious 3-bed Marbella penthouse with a fantastic large terrace and access to a complex featuring pools and tennis court can also be bought at the same price tag.
See the infographic below for more details.
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