New research from Zoopla highlights why we should be paying more attention to floor space and how much it costs when buying a home in the UK.
Zoopla reveals that the average UK home now costs £300 per square foot. This means that a standard sized double bed costs UK homeowners on average, £8,280. Hartlepool has the lowest cost per square foot at £118 or £3,257 for a double bed and Kensington and Chelsea the most expensive, at £1,373 per square foot or a shocking £37,895 for a double bed.
Properties in Inverclyde have seen the biggest percentage increase in price per square foot outside of London over last year, increasing by 13.2% from £140 to £160. Areas like Inverclyde have seen their popularity grow in recent years due to their affordability and close proximity to major cities and vital infrastructure.
In a market where a large majority of buyers are experiencing challenges when it comes to affordability, closely assessing the price per square foot of different types of properties can help in finding a home that offers the best value for money.
Cost per square foot varies based on property type
The research shows that terraced homes offer the best value for money with the price of a square foot ranging from £225 for a two bed to £235 for a four bed property. Whilst detached and semi-detached homes come with a higher price per square foot, they do tend to offer more space and external features, such as off-street parking, something which should be taken into consideration by potential buyers.
Zoopla data shows that, on average, terraced and semi-detached homes with two bedrooms are the same size, at 860 square feet. The difference between an average three-bed terraced home and a three-bed semi-detached home is 20 square feet - enough to fit an extra desk, something which has become more desirable in recent years due to hybrid working.
However, when we examine the space a terraced home and a semi-detached home with four bedrooms offers, the difference, at 70 square feet, is significant. This amount of space is enough for an extra bathroom, small office or utility room.
There are substantial differences regionally
Whilst property type certainly impacts the cost per square foot of a home, this will also vary by region. With the average price per square foot of £585 in London, buyers looking for a home in the capital are very unlikely to find a home priced below the national average.
Those searching for a home in southern England may have a little bit more luck finding homes for less than £300/sq ft. It is estimated that a third of the areas in southern England offer homes with an average price of £300 or less per square foot. In this area, historical seaside resorts and port towns offer the most affordable homes on £ per square foot basis, up to 45 per cent below the regional average. Areas worth considering for the best value for money are Portsmouth (£230), Plymouth (£180), Dover (£230), Great Yarmouth (£180) and Queenborough (£230).
Outside of southern England, the average price per square foot ranges between £145 (North East) and £240 (West Midlands).
However, despite these lower costs outside of the capital, there are still areas where buyers will struggle to find a property below the national average. These include some city centres, such as Edinburgh (£410), Birmingham (£420) and York (£370).
Those looking to buy in villages near national landscapes (former Areas of Outstanding National Beauty) and national parks such as Bakewell (£360) in the Peak District and Aberdyfi (£330) on the edge of the Eryri National Park in Wales, should also be prepared to pay more than the national average.
Izabella Lubowiecka, Senior Property Researcher at Zoopla comments: “In many other countries, buyers often pay more attention to floor space and the cost per square meter or foot when searching for their next home and they are right in doing so. Looking at this measurement is a far more logical way to assess value for money, allowing buyers to compare different homes without having to step foot inside a property.
“A property that comes with an extra bedroom or bathroom might still not have the right amount of additional space the buyer is looking for, examining the square footage of a property can help buyers to identify if a property has that space and if the cost per square foot is worth it.”
