Newly released data from estate agent comparison site, GetAgent.co.uk, reveals where across England and Wales offers the best opportunity for homebuyers to upsize without breaking the bank.
The firm analysed current data on the property price per square foot (sq ft) for each property type across the UK to find where homebuyers can make a move to a place with more space, at the lowest increase.
With city living often home to a higher house price and a smaller home, the cost of a flat currently comes in at £346 per sq ft across England and £177 in Wales. This cost is the highest of any property price in England, while in Wales just detached homes come in higher at £197 per sq ft.
Flat to a Terraced
No surprise then that moving from a flat to a terraced house can actually save you money per sq ft despite it often resulting in more room.
Newham in London is home to the most significant savings with a terraced property averaging £468 per sq ft, £95 cheaper than the average of £563 per sq ft for a flat.
Manchester (-£51), Ribble Valley (-£41) the Isle of Anglesey (-£39) and Salford (-£38) are also home to some of the biggest property price savings per sq ft between a flat and a terraced house.
Terraced to a Semi
When upsizing from a terraced to a semi, homebuyers will pay more on average. However, in Norwich, the difference is just £14 per sq ft between the two property prices.
County Durham, Cannock Chase, Ceredigion and Bolsover are also amongst some of the best value jumps between the cost of a terraced and a semi at just £16 per sq ft
Semi to a Detached
Making that final move up the property ladder can provide better value per sq ft for some homebuyers across England and Wales.
In Kensington and Chelsea, the average cost per sq ft is £2,926 for a detached home, -£1,172 cheaper than the average of £4,098 for a semi-detached house in the borough.
Westminster, Hammersmith and Fulham, Hackney and Tower Hamlets are also more than -£100 per sq ft more affordable for a detached home when compared to a semi-detached property.
Flat to a Detached
For those looking to make the ultimate upsizing leap from a flat to a detached home, doing so in Tower Hamlets or Newham will see you pay less per sq ft. With a saving of -£69 and -£18 per sq ft respectively, both offer better value to homebuyers when it comes to the property cost per sq ft between detached and flat properties.
Colby Short, commented: “Many homebuyers are now prioritising space as a result of the recent lockdown, with this trend also causing many to consider upsizing in anticipation of such an event recurring.
"Of course, the likelihood is that a bigger home is going to command a higher price, even when the value per square foot may be lower. However, it’s interesting to see that many areas actually offer great value and also a lower price per square foot when upsizing across each property type.
"The current stamp duty holiday coupled with the ongoing low cost of borrowing means that now is as good a time as ever to embark on an upsizing purchase, increasing your property potential at the lowest price possible while gaining more space at the same time.”
