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London’s property is ranked 2nd most expensive city in the EU

A recent survey by online estate agent eMoov has recently found the average property price across Europe is currently 2,000 per sq. m. Based on 28 EU members and five candidates for membership, the survey had found that the bottom four places among EU members was Greece at £1000 sq. m, Hungary at £900, Romania at £800 and Bulgaria at £600. Bulgari’s capital, Sofia, if the cheapest capital from all countries surveyed at only £700 sq. m.

However, despite London only making it to the number four position, to mortgage-stretched residents, the news isn’t all that great. With house prices exceeding the living wage, purchasing a property is even more difficult than ever before. However the same can be said for England’s overall average property price at £3,279 per square metre. Luxembourg took the top place, with prices exceeding £4,540 per square metre, following by Sweden at £3,991 and France at £3,423. Across the capitals of the EU members, Paris remains the second most expensive city in the EU for property, with Stockholm and Rome also boasting average property prices of £5,000 per square foot.

Across each EU member state, the average house price is £2,867 per a square foot. However, London still continues to lead the way with the most expensive property prices; at £12,469 per square foot.

Russell Quirk, CEO of eMoov has commented that ‘this research highlights that despite the London bubble, there are other areas across Europe where prices outperform that of the United Kingdom’.

Interestingly, the countries that are candidates for the EU have extremely low property prices per square foot compared to its counterparts. For example, Montenegro is £1,000, Serbia £900, Turkey £800 and Macedonia and Albania where property costs just £700 per square metre.

Russel Quirk understand that ‘The UK property market and the influence a Brexit could potentially have has been a big talking point and arguably so, as for the average UK homeowner, their property is the most expensive asset they are likely to own.

This research isn’t an attempt to sway people either way, simply to show the strength of the UK market against the rest of the EU, but also to highlight that despite the London bubble, there are other areas across Europe where prices outperform that of the United Kingdom.’

So what’s to happen if we vote to leave?

To leave the EU has no definitive answer as to what will truly happen to all areas of British society. There is an uncertainty that is coupled with the property market if we were to leave and today’s vote will reveal the real impact if we leave. Researchers have claimed that no real impact will be clear until 2017 and property prices could either mammoth or flatten to an all-time low or high.

Feature image credit: Ray_of_Light/Shutterstock

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