Dating back to the 6th Century AD, Luton is one of the biggest towns in England that hasn’t been made into a city, home to around 215,000 people. London Luton Airport is the UK’s fifth busiest and London’s fourth busiest. The town itself is bustling and busy with a beautiful ancient centre and five lovely green parks. No wonder it’s such a popular choice for people who want to live near the capital but not actually in it, with excellent transport links to London, the wider UK, and the rest of the world. If you’re wondering about the average flat price Luton is, read on. We’ll take a look at flats for sale, Luton and the surrounding area, compared to the City of London itself. We reveal the average price of a studio flat Luton, 1 bedroom flat Luton and more.
How Have Average Luton Flat Prices Changed?
Just like the rest of England, Luton flat prices have changed in the past few years. The UK has, of course, seen property prices go up steadily and in dramatic fits and starts since the late 1980s, and the upward trend remains the long term picture. According to the House Price Index or HPI, the price of Luton flats / maisonettes in December 2020 was an average of £137,603. By November 2021 it had gone up to an average of £149,607.
The price of Luton apartments for sale varies widely depending on w how many bedrooms you’re looking at, and the specific area of Luton you want to buy. A studio flat in a very popular area will cost more than one in a less popular district, and you pay more for more bedrooms.
Now for flats for sale Luton. What does Rightmove tell us? The majority of sales in Luton during the last year were sales of semi-detached properties, not flats. They sold for an average price of £300,105. They don’t provide an average price for Luton flats. Zoopla reveals their average price of flats in Luton as £153,480, which is close to the HPI’s own metrics for flats and maisonettes in Luton, so makes sense.
How about studio flat Luton prices? We’ve seen studio flats in Luton sell for as little as £50,000, making it an unusually affordable choice. The 1 bedroom flat Luton average price isn’t available on Rightmove or Zoopla, but the Mitula Property website has them on their books from £80,000.
If you notice a big price difference between the averages on different property websites, it’s probably because the algorithm that calculates the average has simply come across one or more particularly large or small sales, pushing the average up or down so it’s artificial; high or low. We see it fairly often. If you come across wildly different average property prices for a town or area, take it with a pinch of salt and check it against the HPI.
Average Flat Price in the City
How do Luton apartments and other property prices in Luton compare with the City of London? Rightmove reports the majority of sales they made in City Of London during the last year were flats, which sold for an average price of £817,727. Zoopla reports average apartment prices in the City of £740,085, different but still roughly in line with each other. In contrast most properties sold in Luton over the last year were semi-detached.
Unfortunately the HPI tool doesn’t specifically provide City of London flat prices, but we have a few apartment prices for you. Rightmove suggests a 2 bed flat in the Barbican, bought on a leasehold basis, would set you back around £213,000 in November 1999. By October 2021 it had shot up to £800,000. The same goes for a one bed flat in the Barbican, up from an average of £325,000 in November 2002 to a whopping £1,050,000 in August 2021.
As you can see apartment prices have increased a great deal in the city of London. Whatever happens it’s likely to remain more expensive to buy property in the City than in Luton, and there’s only a short commute of half an hour or so.
Average Flat Price Outside the City
The rest of London can be either more or less affordable, depending on the district. Imagine you want to buy a mansion flat somewhere like Mayfair or Belgravia. It’s going to cost a lot more than a similar property somewhere less smart. When you buy in an upcoming area, a place that’s smartening up, a bargain buy can end up an excellent investment, even in the short term.
Let’s return to Luton. In December 2004 the average cost of a leasehold 2 bed flat in Luton came in at £95,000. By November 2021 it had hit an average price of £155,000. Here’s another. A two bed flat in Luton went for £89,995 in September 2002, selling for £183,000 in October 2021. While the prices of these 2 bed Luton flats have gone up, the rise isn’t anywhere near as big as we’ve seen in the City of London, or indeed within some areas of the wider capital.
Will you buy a home in Luton or London?
Now you know the score around the differences in property prices between Luton and the City of London, and how they can vary widely depending on various criteria. Which will you choose to view? Affordable new apartments in Luton or mansion flats in the City? As seasoned property experts we’ll look forward to helping you achieve your property buying goal.