The absurdity of London house prices is now spreading to towns outside the capital.
Why? Because for the first time average prices of homes outside London have topped £1m.
According to Lloyds Bank’s “million pound towns” research, here are Britain’s three most expensive towns:
1. Virginia Water in Surrey
Average house price: £1,168,992
2. Surrey, Cobham
Average house price: £1,042,552
3. Beaconsfield in Buckinghamshire
Average house price: £1,003,367
Sarah Deaves, private banking director at Lloyds Bank said: “The number of homes sold for over £1m has fallen sharply over the past year, with a pronounced slowdown in the prime and central London market.”
“However, the regional picture is much more mixed and we’re seeing the emergence of towns where the average price is at least £1m. Whilst there are several London neighbourhoods where prices are already at this elevated level, outside of the capital this is a first.”