Research by home buying platform, Yes Homebuyers, has revealed just what the ‘average house price’ means across the housing market in England and the difference in property size that it will get you.
The firm looked at the average size of a home in each area of England, the current average house price in that area and what this equates to as a price per square foot cost, then divided the current average English house price (£266,742) by this cost per square foot to find just how much home you can buy in each area.
The research shows that the average size of a property in England is 729 square feet and with the average house price sitting at £266,742, homebuyers are paying £366 per square foot (sq ft) in the current market.
In London, the average home currently stands at just 705 sq ft. With the current London home going for £513,997, that’s an average cost of £729 per square foot. That means the current English average house price would result in homebuyers securing a property of just 366 square feet, by far the smallest of all regions.
The current size and cost of buying in the South East and East of England also mean that the current average house price in England would net you a property smaller than 700 sq ft.
In contrast, homes in the North East average 748 square feet and with an average house price of £140,248, property sells for just £187 per square foot. As a result, the current average house price in England means you could purchase a sizable home at 1,423 sq ft in the region.
When looking at the market on a local level, buying in Hyndburn would see you secure the biggest property at the current average house price for England. Homes in the area average 776 sq ft, equating to £129 per square foot based on the current average house price of £100,372 in the area.
As a result, you could afford a property totalling 2,062 sq ft with a budget of £266,742 for the average home in England.
At the other end of the scale, homes in Kensington and Chelsea may average 822.6 sq ft, but with an average house price in excess of £1.5m, the borough is home to a property price per sq ft of £1,832. As a result, the current average house price in England would secure you just 145.6 sq ft of property in Kensington and Chelsea.
Outside of London, Elmbridge is home to the smallest size purchase for the current average house price at 329.4 sq ft.
Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented: “The property market is extremely diverse and the value of property varies drastically from one end of the country to the next. So too, does the size of the average home and when you take this into account it’s amazing to see just how much bricks and mortar you can buy for the average price in various parts of England.
"For many, the average English house price is a steep ask in itself, but to think it would get you just 145.6 square feet of house in Kensington and Chelsea compared to 2,062 square feet in Hyndburn is quite staggering. That’s a difference of more than 1,900 square feet, which is nearly three times the size of the average house in England in itself.”