What does the price of a London flat buy you around the world?

It’s common knowledge that the housing market in London usually goes for a lot more than the rest of the UK. But what exactly could the price of a London flat get you around the world?

We took the average price of a London flat in 2023 and scoured the current housing markets of 14 other major global cities to see what the equivalent amount of money will buy you in those locations. Let’s dive in!

Sunny skies and spacious properties

Our study revealed that fleeing the UK’s winter weather for far warmer climates actually costs you the same amount as an average London flat. Not only that, you could use the same property purchasing budget to snap up something much more spacious in the sunnier climate.

According to the latest UK House Price Index, the average price for a London flat in 2023 is £442,916. This comes as no surprise as London is famous for being one of the most expensive cities in the world - but many other major cities are just as expensive. In places like Paris, New York, Tokyo, and Sydney, the price of a London flat is going to get you something very similar: a relatively modest city apartment with two to four bedrooms.

But there are some cities where you’ll get much more bang for your buck if you’ve got roughly £440,000 to spend.

In Los Angeles, USA, for £434,823 you can buy a townhouse with three bedrooms and three bathrooms. A significant upgrade on the basic London flat and one that comes with far more favourable all round weather conditions!

And for £431,704 in Cape Town, South Africa, you can buy yourself a modern 3-bed villa complete with a swimming pool! You can also find a lot more luxury in the Middle East - in the Qatari capital of Doha, £429,153 will get you a modern 3-bed flat with stunning ocean views.

If you fancy the best of both worlds, you can venture into the Middle East and keep one foot in Europe when you buy property in Istanbul, Turkey. And for £423,000 you’ll get a 4-bed villa with a private pool.

Perhaps the most tempting offer is found in Italy’s stunning and historic capital, Rome. Here, you can snap up a 5-bed detached stone villa for just £408,300, nearly £40,000 cheaper than a London flat! But if that sort of money is still too rich for you, China might be a better option. In the country’s biggest city, Shanghai, you can buy a detached villa for the modest sum of £245,299.

Would you consider the move?

Co-founder and CEO of GetAgent.co.uk, Colby Short, commented:

“London gets a lot of negative press for its expensive property market, and it’s certainly eye-watering compared to the rest of the UK. In fact, most would struggle with the high cost of a London flat alone and when you see what else you could get around the world for a similar price or less, you’d wonder why anyone would want to splash that sort of cash on a modest London apartment.

Especially now that the winter weather has arrived along with the shorter days, you’d be hard pushed to find someone who wouldn’t be tempted by a three bed townhouse in Los Angeles or a Cape Town villa.”

Of course, London has a lot of great things to offer, but if you’re looking for an escape from the winter weather and have some cash to spend, it might be worth considering widening your property search!

Data tables

Data tables and sources can be found online, here.