You’ll get the most space for your money in Burnley (Picture: Getty Images/iStockphoto)
When you buy a house, you’re paying for more than just square footage, but an extra bit of room certainly helps.
Although we all know you get more for your money in different parts of the country.
But new data from Zoopla has revealed the huge disparity in how much space home-movers’ money will buy them – with the same amount of space costing up to twelve times as much in some areas compared to others.
The average cost for one square foot of property in the UK is currently £282, but in London, the figure rises to a whopping £562. In Wales, one square foot of space costs £199, while in Scotland the figure is £160, and in the North East it is just £157.
Burnley is the cheapest town in the UK for one square foot of property – coming in at just £123.
Localised data reveals that, even in high-cost areas like London, there are even more expensive enclaves.
In Kensington and Chelsea, for example, one square foot of space costs an eye-watering £1,491 – more than twelve times the figure for Burnley.
This means that the floorspace required in a home for a normal-sized double bed would cost £46,550 in Kensington and Chelsea, falling to £12,978 in Barking and Dagenham, London’s most affordable borough on a pounds per square foot basis.
Cambridge is the second most expensive city or town, with the equivalent space of a double bed costing £15,966. This is followed by Brighton (£14,520), Oxford (£14,168) and Bournemouth (£11,343).
And the research didn’t just look at different places, but types of properties too. One-bedroom flats (common with first-time buyers) are most expensive per square foot at £389.
For a two-bed house this falls significantly to £270, then to £262 for a three-bed, rising to £292 for a four-bed house and £312 for a five bedroom house.
Gráinne Gilmore , Head of Research, Zoopla, comments: ‘The research reveals the scale of difference when it comes to how much space you can get for your money in different parts of the country, showing that location really is a key driving force behind what a home is worth.’
Do you have a story you’d like to share?
Get in touch at [email protected].