More mansion for your million in Liverpool

The choice of location for a one million pound property could see homeowners lose up to 2,561 square foot, according to research from Primelocation.com.

The premium property portal carried out research into the disparity between what £1million can purchase in the UK’s top ten cities and found that the difference could be up to triple the floor space.

Of the top ten largest cities, Liverpool offers Prime homebuyers the most space for their money. £1million properties in the North West city have an average floor area of 4,000 sq ft, making them almost three times the size and £440 less expensive per sq ft than their London counterparts – the most expensive properties.

Homebuyers in Liverpool and Glasgow pay approximately £250 per sq ft for a £1million home, compared to the £690 needed by those in some parts of the capital. Liverpudlians and Glaswegians can expect to find attractive and spacious detached properties with between four and seven bedrooms, several reception rooms and a large garden.

Discrepancies within London mean that whereas £1million buys only 1,443 sq ft in the prestigious borough of Kensington and Chelsea, homebuyers in less exclusive Hackney can purchase an additional 485 sq ft (1,928 sq ft). Sought-after homes range from more compact three-bed flats in converted Victorian terraces to three-bed terraced town houses with a small garden.

There is a steep jump between London prices and those in Bristol, the second most expensive city and only other Southern location, which sees homebuyers paying £344 less per sq ft for more than half the space again of a London property.

Andrew Smith, Head of Research at Primelocation.com, comments: “It’s no secret that space comes at more of a premium in some locations than others, but it is the scale of the disparity that is the talking point. Prime properties in London come with distinction and the substantial advantage of being on the doorstep of some of the country’s best amenities, as well as being within the business hub of the UK. However in some cases, these homes are so bijou that they could fit into just one or two rooms of a prime property further north, which offer space in the form of extra bedrooms, reception rooms and generous gardens, as well as style.

“With value for money being in the eye of the beholder, this trade-off between location and space is one that many top-end homebuyers are willing to make and there will always be a robust market for prime property, no matter what its size, providing it is quality stock in a choice location. The old adage ‘location, location, location’ remains as true as ever.”