When it comes to buying property in the UK, understanding where to find the best value for your money is essential. In a market where prices are ever-changing, especially in today’s affordability-challenged climate, the price per square foot is a crucial metric that helps home buyers assess the true value of a property. In this blog, we’ll explore where you can find the best value per square foot across the UK, based on the latest data from Zoopla.
Why Price Per Square Foot Matters
Traditionally, UK home buyers focus on the number of bedrooms when deciding what property to buy. However, homes and bedrooms come in all shapes and sizes, meaning two houses with the same number of bedrooms can vary significantly in terms of space. A home’s price per square foot is a more accurate way to determine its value, as it reflects how much space you are getting for your money.
In other parts of the world, particularly in places like the USA and Canada, price per square foot is a primary factor for home buyers. This logical approach is increasingly gaining traction in the UK, as it helps potential buyers compare properties on an even footing. Looking at homes in this way can save time by eliminating those that are too small or overpriced for the space they offer.
With the average UK home now costing £300 per square foot, it’s important to understand which areas provide the most value for your money.
Regional Variations: Where Can You Find the Best Value?
The price of property per square foot varies significantly across the UK. From the most affordable areas in the North East to the premium prices in central London, regional differences highlight the disparity in value for money across the country.
Cheapest Areas for Price Per Square Foot
Hartlepool stands out as the cheapest area in the UK when it comes to the price per square foot, at just £118. This means that buyers in Hartlepool are getting the best deal on space, compared to other parts of the country. In contrast, Kensington and Chelsea in London have the highest cost per square foot, reaching an astonishing £1,373.
Other affordable areas include parts of the North East, with average prices per square foot around £145, while the West Midlands also offers good value, with prices averaging £240 per square foot.
Best Value Coastal Areas
Historical seaside resorts and port towns present another opportunity for buyers looking to maximise their budget. Cities such as Portsmouth, Plymouth, Dover, Great Yarmouth and Queensborough are all up to 45% cheaper than the average for their respective regions. For example, Portsmouth and Dover both offer properties at around £230 per square foot, while Great Yarmouth and Plymouth come in even lower at £180.
These coastal areas not only provide good value in terms of space but also offer the benefits of seaside living, which many buyers find appealing.
Expensive Areas and the London Effect
On the other hand, areas like London continue to command premium prices. The average cost per square foot in London is £585, meaning that even a relatively small amount of space can be prohibitively expensive. A double bed, for instance, takes up 27.6 square feet, costing buyers a staggering £16,146 in London compared to £7,176 in the rest of the UK.
Even within London, prices vary. Some areas, like Erith, eastern Dagenham, and Belvedere, are more affordable, with prices under £400 per square foot. However, prime central areas like Kensington and Chelsea push property prices beyond the reach of many buyers, with their £1,373 per square foot cost.
Scotland and Northern England: Rising Prices but Still Affordable
Inverclyde, located in Scotland, has seen the most significant increase in property prices outside of London, with a 13.2% rise since 2023. Despite this surge, homes in Inverclyde still represent good value, with prices far below the UK average.
Similarly, other parts of Northern England offer some of the best value per square foot. Buyers looking in these areas can expect to pay around £145 to £240 per square foot, depending on the specific location.
Property Type: Which Homes Offer the Best Value?
Not only does the price per square foot vary by region, but it also changes depending on the type of property you’re looking at. Terraced homes generally offer the best value for money in terms of space.
- Terraced homes: Prices range from £225 per square foot for a two-bedroom house to £235 per square foot for a four-bedroom home. For families looking for more space without paying over the odds, terraced homes provide excellent value.
- Detached and semi-detached homes: These properties tend to have higher costs per square foot but offer more space and features such as off-street parking. While the price per square foot is higher, these homes may offer a better lifestyle for those in need of extra room.
- Flats: While flats are often seen as less valuable in terms of space, they can be a good option depending on the region. Outside of London, the average price of a two-bedroom flat is £245 per square foot, which is lower than the £270 per square foot average for a semi-detached house. In some areas, particularly cities like Manchester, Cardiff and London, flats can be among the most expensive options due to new developments with added amenities.
A Smarter Way to Buy Property
Understanding the price per square foot can transform how you view properties during your home search. Rather than simply focusing on the number of bedrooms, looking at space as a unit of cost can help you make more informed decisions. This approach allows you to compare different homes more fairly, ensuring you’re getting the best value for your money.
If you’re ready to start your search for the perfect home or investment, consider using the price per square foot as your primary comparison tool. For expert advice on finding the best value in your chosen area, get in touch with Northwood Estate Agents today. We can help you navigate the property market and ensure you’re making a sound investment.
