Buyers are getting less square foot for their money when buying a property.
Research by insurer Churchill has found that the average cost of a property in Britain is now £293 per ft2, that’s up 28 per cent over five years.
There are of course regional variations.
The North East is the best value location in the UK where the cost of a square foot currently stands at £159, followed by Wales at £169 per ft2 and Yorkshire and the Humber at £189.
When broken down by postcode, DL17 in Darlington, County Durham is the area buyers can get most for their money with an average cost of just £58/ft2.
The most expensive postcode is SW3 in Kensington and Chelsea, where a square foot will set buyers back an eye-watering £1,721/ft2.
The insurer’s research found 75 per cent of adults rank value as the most important factor when buying a property.
Having access to a larger space, such as a bigger kitchen or dining room was also important.
With the recent changes to work life and more people being able to work from home, there has been a shift away from city life, with the share of movers living in suburban areas falling from 54 per cent to 48 per cent, while the proportion of people living in rural areas has increased from 16 per cent to 22 per cent.
Steven Williams, Head of Churchill home insurance, said: “It is understandable that value for money is at the top of considerations when it comes to influential factors whilst looking for a property, and it’s interesting to see which areas offer the greatest value.
“As someone who is based in Wales and was previously commuting to and from London, working from home has certainly added flexibility to my life and a greater appreciation of my local area.”
|Region||Average £/ ft2||Average asking price||Estimated property size (ft2)|
|Yorkshire and the Humber||£189||£204,080||1,078|
|East of England||£325||£349,053||1,073|
|Great Britain total||£293||£298,237||1,019|