THE AVERAGE price of a flat in England and Wales has risen over the quarter of a million pound mark, according to new figures from the Land Registry, with the most expensive flat sold last quarter fetching £13.25m.
A flat will now set buyers back an average of £250,101 across England and Wales – just edging over the threshold at which stamp duty jumps from one to three per cent.
London Central Portfolio, which analysed the figures, also said the price of all property in England and Wales grew 1.3 per cent over the quarter to reach an average of £242,415.
Sixty-three per cent of sales that took place during the quarter were under £1m.
But the average price among so-called prime central London (PCL) properties stormed ahead of the market, climbing 7.2 per cent in the three months to reach almost £1.5m.
London’s most expensive sale – a house on Wilton Crescent in Belgravia – came in at £25m, while the most expensive flat, which sold for £13.25m, was on nearby Chesham Place.
In the highest sale value realised outside of the M25 a house in Weybridge in Surrey changed hands for £8m, while Egremont in Cumbria was the place to go for a bargain – which recorded the lowest price for a sale over the quarter at just £7,000.