Two North East areas top even London when it comes to the gap between the average house price and properties in the top 10% of the market.
After analysing sold prices across each county of England over the last year, researchers at GetAgent.co.uk established which had the largest gap between the ‘average homebuyer’ and those at the top of the ladder.
By far the most expensive housing market in England is Greater London where the average house price is £510,300
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To live within the top 10% of most expensive homes in Greater London, a homebuyer would have to spend an average of £1.1 million.
This price difference of almost 116% is significant, but, surprisingly, it places Greater London only 5th in the list.
In the number one spot was Durham. The average house price is £117,300, currently, one of the lowest of all counties in England, while to purchase in the top 10% would cost an average of £285,000, a staggering difference of 143%.
Close behind Durham was Northumberland where the average house price is £181,776.
But to rank within the top 10% of Northumberland homeowners, you would need to spend £430,000, a difference of almost 137%.
Rutland (128%) and Cheshire (125%) were third and fourth while Tyne and Wear came in at 10th place on the list.
It had an average property price of £155,283 while the cost of purchasing within the top 10% of the market was £325,000, a difference of 109.3%.
Founder and CEO of GetAgent.co.uk Colby Short said: “We’re unlikely to see the might of the London market challenged when it comes to the sheer cost of bricks and mortar, and the capital remains home to not only the highest average property price but also the most expensive price tag when looking at the very top end of the ladder.
"However, when considering the gap between the two, there are a handful of other counties where the top rung of the market sits even further above the average property price.
"This means that for homebuyers in Durham and Northumberland, the task of securing a foot on the property ladder may be far more affordable, but the task of reaching the top of the ladder is more daunting when compared to those in London.”
