Research reveals cost of flats worldwide

City centre flats in the UK cost twice as much as in the United States and £100,000 more than in Europe, new research has found.

But there are considerable variations with a buyer able to get five flats in central Manchester for the price of one in London at £144,000 each compared to £788,000 in the capital city.

Overall, the UK is the 16th most expensive nation in the world for a central flat, with prices 52per cent above the global average with London the most expensive city, according to the research from comparison website Finder.

Hong Kong is the world’s priciest country for a central flat, costing £1.3 million on average, followed by Singapore at £781,000, Switzerland at £543,000, South Korea at £438,000 and Japan at £364,000.

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.