The current imbalanced state of the housing market in the UK has been further emphasised by the revelation that terrace houses are available for as little as £1 in some areas and as much as £250 million in others.
In an article by the Guardian, it was discovered that a Carlton House Terrace home in the St. James’s area of the City of Westminster is on sale at a quarter of a million, making it the highest price a property has ever been on the British market for. Conversely, there are Victorian terrace homes in Stoke-on-Trent available for just a pound.
The £250 million central London house is described as 30 times larger than a typical home in the capital and the price tag is 700 times more expensive than the average London property price of £370,000. The derelict homes in Stoke are to be sold in the area of Cobridge initially, with more to follow, and £30,000 loans are being offered to carry out repairs on the properties. There are certain criteria that need to be met in order for buyers to be eligible for the loan, including applicants having a joint income of between £18,000 and £25,000, as well as being in employment for at least two years.
Although at the very opposite ends of the scale, the simply colossal difference in the prices of these properties helps to portray the image of the housing market and the wider economic difficulties the UK continues to experience.