A Piece Of The Rock

Those struggling to get a foot on the property ladder in London right now should be grateful that they're not living in Bermuda.

According to a recent article in the London Evening Standard, the average price of a home in London is now £276,000 or $469,000. In Henley-on-Thames, currently the most expensive UK town in which to live, the average is £412,000 or $700,000.

Ah, if only. In Bermuda, the average house price is now $865,000. If you're prepared to live in St. George's (and who wouldn't be!) you could get a three-bedroom house for only $680,000; in Hamilton Parish the same house will set you back $1.7 million.

The picture shows the only piece of the Rock anyone is likely to ever be able to afford.

Comments

[Mandy on 31.01.04 at 20:44]

Now I certainly don't want people to think that St George's is the ragamuffin end of the island! St George's has all you need, except shops! We have a grocery store, a bowling alley, a movie theatre, an airport and nice people. St George's has it all.

There are a relatively small percentage of houses on the island that go for an insane amount of money. These houses are mainly in Hamilton Parish, Southampton and Pembroke and so pushing up their average costs dramatically. Of couse that has an effect on the overall housing average. That said, yes, buying a house is a HUGE issue.

Back in 2002 I was talking to someone about us moving back to the island in the not too distant future and the first thing she asked us was whether there was a family property for us to move into. I feel bad for people who don't have a bit of a head start to it all. Taking out a million dollar loan has to be daunting.