Zoopla has recently carried out research to find out which property type offers the best value for money – with some areas of the UK costing 12 times more than others.
According to the latest analysis, the average UK property costs £282 per square foot – in London’s Kensington and Chelsea this is an incredible £1,491 while Scotland is far below the average at £160 per square foot.
In terms of property types, the best value for money is a two or three-bedroom house and providing the least value for money is a one or two-bedroom flat. A three-bedroom house costs an average £262 per square foot whereas a one-bedroom flat costs and average £389 per square foot.
The search for more space
During the pandemic and in the 14 months after the property market re-opened after a three month near-shutdown, the search for more space resulted in three and four-bedroom houses being the most in-demand property types. People were looking for an additional bedroom to accommodate working from home as well as more outside space following months of restrictions. The average cost of a three-bedroom detached house has gone up by £25 per square foot, whereas a two-bedroom flat has gone up by £7 per square foot.
Location, location, location
As well as the type of property you are purchasing, the location also determines the price of a property. The best value for money can be seen in the North East at £157 per square foot, with Scotland a close second at £160 per square foot.
The most expensive area, unsurprisingly, is London where the prices are double the national average. This is followed by Cambridge, Brighton and Oxford.
The amount of space you can buy with £5,000 varies from region to region – in Scotland this would buy you 31 square feet whereas the UK average at 18 square feet.
Good news for sellers
If you’re selling a three-bedroom family home, it’s good news as this type of home is most in demand and the value of this type of property is still rising and they are commanding higher values per square foot.
Innes Allan says:
“Although following the pandemic, houses are in exceptionally high demand (with no sign of this slowing down) here in Glasgow’s West End, flats will always be in exceptionally high demand from both property investors wanting to take advantage of the student and professional lettings market, and first-time buyers and second-steppers wanting to live close to the incredible amenities and transport links right on our doorstep. House prices here hold their own, regardless of what’s happening in the wider Glasgow and Central Scottish property market. Whether you’re buying or selling, and want to get advice on the outlook for the Glasgow area, get in touch.”