- Brits clueless when it comes to house prices, with 99% unable to identify the most expensive houses in a new quiz
When buying a new house, it’s not uncommon to pay a significantly different price for the same sized property at different ends of the country, but just how much do Brits know about what they could get for their money?
Property experts at Housesimple, the online estate agent, tested 2,000 people on their knowledge of the UK’s house prices, and can reveal how much you get for your cash in each region.
It seems that Brits are clueless when it comes to how house prices vary by region, with just 1% of people correctly identifying which properties from various locations would be the most expensive.
Almost one in five Brits (19%) wrongly believed a four-bedroom barn conversion in Blackburn cost more than a two-bedroom penthouse in London. There is, in fact, a £2,490,000 difference between these two properties, with the London penthouse coming in at a whopping £2,850,000 compared to the £360,000 barn conversion.
Interestingly, people in London seem to be less aware of the difference in their property prices compared to other locations in the UK, with a quarter (25%) incorrectly believing that the converted barn in Blackburn was the pricier option.
People were also confused when it came to the cost of a five-bedroom detached house in Norwich and a six-bedroom detached house in Sudbury, Suffolk. One of these houses costs double the price of the other, however, more than a third of Brits (35%) failed to correctly identify this.
It is the six-bedroom house in Suffolk which costs the most, coming in at £1,000,000, compared to the £500,000 Norwich property. Those aged 25-34 struggled most with this property, with almost half (46%) incorrectly believing that the Norwich property was more expensive.
With many people not knowing that they would be able to afford in different locations across the country, Housesimple’s higher or lower quiz aims to challenge people’s perceptions when it comes to property costs across the UK.
When it comes to how well we know house prices in our local area, the majority (62%) of people in Leeds correctly predicted that a five-bedroom semi-detached property in the city is worth more than a three-bedroom detached house in Nottingham. The people of Nottingham however incorrectly assumed that the house in their city was the priciest (62%).
The Leeds property is on the market for £400,000, compared to the £180,000 house in Nottingham.
Sam Mitchell, CEO at Housesimple, commented: “Property prices are a national obsession, so it’s interesting to see from the results that the majority of Brits may not know what they could get for their money in other parts of the country.”
“That’s why we’ve put together a fun quiz for people to test themselves when it comes to their knowledge on property costs across the UK, you could be surprised that you can get more for your money elsewhere? Take the quiz to find out!”
Take the Housesimple property price quiz here: https://www.housesimple.com/higher-or-lower/