According to a recent report, the average property in the UK costs £282 per square foot. With property prices varying across the UK, the report puts things into context by revealing that in Burnley, Lancashire the average price is £104 per square foot. By contrast, in Kensington and Chelsea in London, property averages £1491 per square foot – over 14 times the cost per square foot of Burnley! In this article, we look at where offers the best (and least) value per square foot.
How Does the Cost Per Square Foot Vary Over Property Types?
The report found that a three-bedroom home will offer the most space for your money, averaging at £262 per square foot. For comparison from one end of the spectrum to the other, a one-bed flat averages £389 per square foot and £312 is the average for five-bedroom properties.
As far as three-bedroom properties go, though – act quickly as prices are increasing. This is largely due to the need for more space that arose during the pandemic, increasing the demand for three- and four-bedroom properties.
Where in the UK Offers the Best Value for Money?
It’s good news for those in the north-east, according to the report. Homes cost an average of £157 per square foot. Staying north, Scotland follows very closely behind at £160 per square foot. Homes in Wales and Yorkshire and the Humber both come in at £199 per square foot.
Dundee, Hull, Burnley, and Sunderland all come out as providing great value to money, in terms of price per square foot.
Where Are the More Expensive Areas by Comparison?
As you would expect, London tops the charts in terms of price per square foot of floor space. This tops out in Kensington and Chelsea where you can expect, on average to pay a whopping £1,491 per square foot, with the average price being £562.
Putting these prices into a comparable perspective, a double bed takes up around 33 square feet of space. To buy this space in Kensington and Chelsea would set you back around £46,500. To buy this space in Burnley, the cheapest place in the country, would cost just over £4,000.
It really does pay to shop around and see where you can get the best value for money in terms of price per square foot, especially if you are looking for a family home. Family homes are increasing in value at a rate of knots as people look to increase their family space. Want to see what your home might be worth? Try our free, instant online valuation tool to gain a range of estimated values for your home. For a more accurate, in-depth valuation, why not contact us to arrange your free, in-person market appraisal.