What does a studio flat cost around the UK? The average asking price hits £175,000… but this London pad would cost you almost £1M
- Average price of a studio flat in Britain has increased 5.3% in a year to £175,000
- There are regional differences with average studio values in London at £313,500
- Region with the cheapest average asking price of a studio is the North East
The average price of a studio flat in Britain has reached £175,000, according to new figures.
Values have typically risen 5.3 per cent during the past year from May 2021, up from £166,250.
The data provided by Zoopla was calculated using the median asking price of studio flats listed on its property website.
But prices vary substantially around the UK, from £66,500 in the North East to £313,500 in London, and in the capital studios can cost much more as the one we found featured below for £995,000 shows.
Asking prices on studios can reach £1million-plus in some parts of the country (scroll down for more details on this property)
|Region||Median price: Mar-May 2021||Median price: Mar-May 2022||% change|
|Yorkshire and the Humber||£90,250||£99,750||10.5%|
|Source: Zoopla, with time frame covering the three months to the end of May 2021/22, with values rounded to nearest £250|
There are large regional differences in studio asking prices, with the most expensive average price of a studio outside of London found in the South East and East of England.
In both regions, average values have now reached £171,000, according to Zoopla.
The average value of a studio in the South East has increased 2.9 per cent from a year ago, up from £166,250.
At the same time, values in the East have risen by a larger percentage. They have increased 5.6 per cent in the past year, up from £162,000.
Similar percentage increases during the past year are also found in Wales – where average values currently stand at £104,500 – and in the North West, which sees asking prices currently at £95,000.
It is in contrast to the North East, where the cheapest average price of a studio can be found.
The typical asking price of a studio in the North East is £66,500, remaining unchanged from a year ago.
Values in Scotland are also unchanged from a year ago.
Among the smallest percentage increases is London, where the average studio has increased in price by just 1.5 per cent in a year.
However, house prices tend to be higher in the capital than in other parts of the country and London has the highest average studio price compared to any other region.
The average price of a studio in London has increased from £308,750 in May last year to £313,500 in May this year.
Zoopla explained that around 50 per cent of studio supply is based in London and the South East.
Studio flats can have a light and spacious feel, while offering plenty of storage (scroll down for more details on this studio)
Richard Donnell, of Zoopla, said: ‘While the UK average price of a studio has hit £175,000, this figure reflects that most studios are in London and around the south east.
‘More accurate values reflect local markets – for example in Scotland, the average costs £85,000.’
A buyer with a 10 per cent deposit of £31,350 would need an annual salary of at least £60,000 to buy an average flat in London.
A lower annual salary of £35,000 would be required to buy a typical studio flat with an asking price of £175,000, also based on a 10 per cent deposit.
Studio with a £995k asking price
We take a look inside a studio flat in London that costs more than five times the average price across the rest of the country.
It is not rare to find a studio in London with an asking price of around £1million or more – and this studio is no exception.
The new studio apartment set in South West London’s Battersea Power Station is 629 square feet.
This studio (also pictured above) is on the market for £995,000 and is being sold by Battersea & Nine Elms Estates
The studio boasts 629 square feet, which is larger than some one-bedroom flats
The studio has a separate shower room with colourful subway tiles on the walls
It on the market for £995,000 and is being sold by Battersea & Nine Elms Estates.
The agent explains that the studio features ‘fully integrated appliances in the kitchen including a dishwasher’.
It has access to a residents’ gym and pool, along with a 24 hour concierge.
The new studio apartment is part of South West London’s iconic Battersea Power Station
Buyers have access to several luxury residents’ facilities, including an indoor swimming pool
Additional residents’ facilities include an indoor gym that has a variety of equipment
A smaller budget
For those with a smaller budget, this studio flat in North Shields is for sale for £95,000 and is being sold by Hunters estate agents.
The studio is part of a new development and has a modern kitchen, as well as onsite parking.
For those with a smaller budget, this studio flat in North Shields is for sale for £95,000
The new studio is being sold by Hunters estate agents and boasts a modern kitchen