The UK’s property market is diverse and complex, with prices varying greatly from one area to another. In this post, we delve into the most recent data from 2022 to find out which are the most and least expensive wards in the UK. We’ll explore what these areas may have in common and discuss possible reasons for their property price standings.
Methodology
We used a dataset from ONS and Land Registry that provides the median property price for each ward in the UK, from 1995 to 2022. We focused on the data from 2022 to find the wards with the highest and lowest property prices.
Most Expensive Wards
Let’s start by identifying the top 5 most expensive wards in the UK.
Top 5 Most Expensive Wards in the UK in 2022:
- Knightsbridge and Belgravia in Westminster: £4,095,500
- Norland in Kensington and Chelsea: £2,195,000
- Queen’s Gate in Kensington and Chelsea: £2,117,500
- West End in Westminster: £1,925,000
- Campden in Kensington and Chelsea: £1,925,000
A Look at each one in more detail:
- Knightsbridge and Belgravia in Westminster (£4,095,500): Both Knightsbridge and Belgravia are among the most affluent areas in the world. They are home to numerous luxury retail stores, including Harrods and many high-end residential properties. These areas are also in close proximity to several iconic London landmarks. The combination of luxury amenities, desirable properties, and a prestigious location contribute to the high property prices.
- Norland and Queen’s Gate in Kensington and Chelsea (£2,195,000 and £2,117,500 respectively): Kensington and Chelsea is one of the wealthiest boroughs in London. It is known for its beautiful architecture, luxury shopping, and restaurants. Norland and Queen’s Gate are both desirable residential areas within this borough. Their close proximity to central London, combined with their attractive local amenities, make them popular among wealthy individuals, which drives up property prices.
- West End in Westminster (£1,925,000): The West End is another desirable area in central London, known for its entertainment amenities including theatres, cinemas, and restaurants. It’s also home to several popular shopping areas, including Oxford Street and Regent Street. Its central location and vibrant cultural scene contribute to its high property prices.
- Campden in Kensington and Chelsea (£1,925,000): Campden, like Norland and Queen’s Gate, is located in the borough of Kensington and Chelsea. It’s a highly desirable residential area, known for its beautiful period properties and close proximity to popular shopping areas like the King’s Road. Its desirability as a residential area contributes to its high property prices.
These wards, known for their steep property prices, are in some of the UK’s wealthiest areas, marked by luxury properties and quality amenities. It’s vital to recognise that while certain factors explain the high costs, property prices can vary widely, influenced by multiple factors. The high median property price may not represent all residents’ reality, and a comprehensive understanding would need more data and consideration of local market dynamics.
Least Expensive Wards
Now, let’s look at the wards with the lowest property prices in 2022.
Top 5 Least Expensive Wards in the UK in 2022:
- North Ormesby in Middlesbrough: £59,259
- Horden in County Durham: £60,250
- Daneshouse with Stoneyholme in Burnley: £63,000
- Bank Hall in Burnley: £65,000.00
- Newport in Middlesbrough: £66,000
A Look at each one in more detail:
- North Ormesby and Newport in Middlesbrough are priced at £59,259 and £66,000 respectively. Middlesbrough is in North Yorkshire. Historically, it’s known for heavy industries like steelmaking and shipbuilding. In recent years, efforts to diversify the economy have occurred. Middlesbrough still faces challenges like high unemployment and lower average incomes. These factors may contribute to lower property prices. North Ormesby and Newport are targeted areas for regeneration. This suggests they may currently be less affluent areas.
- Horden in County Durham (£60,250): Horden is a village in County Durham, which is a largely rural county in the North East of England. It was historically a mining village, but the mine closed in the 1980s, leading to economic decline and higher unemployment. The rural location and economic challenges could contribute to lower property prices.
- Daneshouse with Stoneyholme and Bank Hall in Burnley (£63,000 and £65,000 respectively): Burnley, located in Lancashire, was once a thriving mill town during the Industrial Revolution, but has faced economic challenges since the decline of the textile industry. Both Daneshouse with Stoneyholme and Bank Hall are areas within Burnley that have been identified as needing regeneration, suggesting they may currently be less affluent areas.
Again, these are merely potential contributing factors to property prices. A comprehensive analysis requires a deeper understanding of local markets, considering crime rates, school quality, and access to amenities and transport links. Unfortunately, our dataset doesn’t include these factors. The least expensive wards, typically in areas with a lower cost of living and fewer high-end properties, often have fewer amenities and may be less desirable, keeping prices low. However, they can provide affordable housing options for residents.
Conclusion
Our analysis shows the vast disparities in property prices across different wards in the UK. Understanding these variations can help prospective homebuyers make informed decisions and can also provide insights for policymakers and property developers. A variety of factors influence property prices, including local amenities, employment opportunities, transport links, and more, but this dataset does not capture them. Therefore, a comprehensive understanding of property prices would require considering these additional factors as well.
