The average price for a two-bed city centre flat in the UK is £227,000– almost £100,000 more than in Europe (£131,000) and over double the US average of £111,000, personal finance comparison website finder.com has found.
With a cost per square metre of £3,839, the UK is the 16th most expensive nation in the world for a central flat, with prices 52% above the global average.
Jon Ostler, chief executive at finder.com, said: “These statistics show that prices for a city centre flat in the UK are generally comparable to our European and global counterparts.
“London is very much the exception to this rule though, with a central flat being out of reach for almost all young Brits trying to get a foot on the property ladder.
“If you’re a first-time buyer looking to purchase a flat or house, there are various ways that you can get assistance.
“Help to Buy schemes allow you to earn tax-free interest, and the government also adds 25% to your savings (up to £3,000), which is a no-brainer if you’re serious about purchasing. People are increasingly looking at shared-ownership as well.
“This allows you to purchase part of a flat from a housing association and will result in a lower deposit and monthly payments. You can then purchase more of the flat as and when you’re able to.”
London is far more expensive than the rest of the UK, with a central flat generally costing buyers over four times more than the UK average.
The average price of a two-bed flat in the capital is £788,000, or £13,328 per square metre, making it the world’s second most expensive city to buy an apartment in, after Hong Kong.
Globally, the costliest country for buying a city centre flat is Hong Kong, where a two-bed apartment would set you back £1.28m. This is followed by Singapore at £781,000 and Switzerland at £543,000.
After Hong Kong, London and Singapore, the most expensive cities in the world for urban flats are Beijing at £676,000, Zurich at £670,000 and Shanghai at £667,000.
The cheapest nation of the 91 countries with available data is Egypt. Here a two-bed city centre flat only costs £27,000 on average. The cheapest city is Sumy in Ukraine, where a flat would cost £20,000.