Blaenau Gwent is cheapest place to buy
Figures from the Office for National Statistics (ONS) showed the average property price in Blaenau Gwent was £75,000 in 2014. This compares to a typical house price of £1.2m in the London borough of Kensington and Chelsea.
Across all of England and Wales the median house price was £194,955, with the most expensive houses largely based in London and the South East of England.
The cheapest borough to buy property in London was Barking and Dagenham where the typical property cost £215,000. Despite being cheaper than the rest of the capital, this borough was still more expensive than 60% of all local authorities in England and Wales.
This survey was first undertaken in 1995 and house prices have increased significantly since then. Cheaper properties are now typically worth three times their 1995 value and expensive homes have grown fourfold.
Many cheaper areas are still recovering from the recession and these areas also saw prices fall again during a ‘double dip’ in 2011. At present many cheaper properties are still not worth as much as they were before the recession, despite recent improvement.
On an affordability basis, Blaenau Gwent was also the best place to buy. House prices in this area are four times average salary. This compares to Westminster where prices are 24 times the average gross salary.