London vs the World: What Kind of Property Can you Expect for £250,000?
Posted by Rewan Tremethick on February 11th, 2016.
The world’s major cities are always expensive places to live, but London seems particularly excessive in comparison to others. In fact, living anywhere in the UK costs a lot more than in other places around the world.
If you’re a UK resident trying to get on the property ladder or a would-be expat hoping to move to the nation, this disparity in property prices might be providing you cause for concern. If, however, you’re planning on escaping the British wind, rain and queuing culture with a move abroad, you could find that you’re able to get much more for your money.
You Shouldn’t Need a Roommate to Afford a 1 Bed Flat
Let’s face it, it’s not only first time buyers struggling with the current UK property market. Many families with dual incomes are also feeling the pinch. The average price of property in London is £514,097 – more than double the national average for England and Wales of £188,270. If you compare that with average property prices in the US, for example, you begin to appreciate how much further your money could stretch overseas. According to Realtor.com the median price of an existing home sold in the US in January was $188,900, which equates to around £132,000.
These days you’d be hard-pressed to find a 1-bed flat in the outskirts of London for less than £250,000, and in central London you’d be lucky to afford a garage with that amount.
With that in mind, what sort of property could you expect to purchase in other countries for £250,000 or less? Here are a few examples to whet your appetite…
£150 – £200k: Not a Flat in Sight
How would you feel about bagging yourself a three bedroom villa in Orlando, Florida? That’s what just £185,298 could get you in one of the most popular US tourist destinations. Situated within a fully equipped resort, this property boasts access to a family pool, waterpark, residents-only bar, restaurants and other entertainment facilities. The property itself totals around 2229 square ft and comes fully furnished with a private pool. What’s more, this property is located only half an hour from all the major theme parks and is right next door to the renowned Southern Dunes Golf and Country Club.
US not for you? How about settling down in a 4-bed detached house in the Algarve, Portugal? With a main house and four single storey buildings close by, you could be the owner of one and a quarter acres of Portuguese soil for just £183,059. In addition to the main house, there’s an old bread baking kitchen, animal accommodation, a garage and a granny cottage. The property is situated just fifteen minutes from Faro International Airport.
£200 – £250k: Big Family Homes, Little Prices
Trying to accommodate a large family in the UK can be a pricey affair, but children sharing bedrooms could be a thing of the past if you look further afield.
Spain has long been a hub for British expats, with Alicante being one of the most popular destinations.
So, what could £226,500 get you in Alicante? Well, for that figure your family could be settled in a 5-bedroom country farmhouse. A recently advertised property came with a 18,600 sq m elevated plot with remote controlled electric gates and a 150m driveway – not to mention the 12m x 5m heated swimming pool. The property is situated just minutes from Cocentaina (a large market town with an established expat community).
But if Alicante feels a bit too close to home, a 3-bedroom villa in Phuket, Thailand, may sound more appealling. All three bedrooms in this particular property are very spacious doubles and boast en-suite facilities. The villa also has a theatre, salt water pool, full air conditioning and a large mature garden with Sala. If that wasn’t enough for your £220,000, you’d also get a car port and space for another vehicle on the driveway. This picturesque property is located in a quiet residential area close to local markets and amenities.
If Thailand’s too exotic for your tastes, settling in Budapest, Hungary could be an option. For much less than you’d pay in the British capital you could own a two storey modern, spacious 4 bedroom house located in an up-and-coming suburban neighbourhood of Budapest. One property currently on the market is 3207 square ft, complete with basement and old house. As well as being just 10 minutes away from the airport, the property is also conveniently located for the city centre and motorways (M5, M0). All this could be yours for just £215,000.
Try for Yourself…
If you’re finding the UK property ladder is out of your reach, have a look at what your budget could stretch to abroad. Think of your dream location, have a strict price in mind and take a look at your options…you’re very likely to be pleasantly surprised. Happy hunting!
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