It’s no secret that property prices in England and Wales are for the large part pretty unaffordable but the latest data from the Office for National Statistics has mapped just how much a property will cost for every square metre.
The research shows that on average across England and Wales, a property now costs £2,395 a square metre with, of course, the most expensive located in London.
In fact, 19 of the 20 most expensive areas are found in the capital with Kensington and Chelsea seeing the cost per square metre explode to £19,439! Barking and Dagenham is the cheapest at £3,994 and Elmbridge in Surrey is the only area outside of London to make the top 20.
Of course, it is no surprise that an over-inflated London market leads the way in terms of highest price, despite a slowdown in price growth in recent times. £2,305 a square metre is a high price to pay to get on the UK ladder, but this research also shows that across England and Wales there are many far more affordable options.Russell Quirk
The disparity in price between each end of the market is quite astounding with a difference of over £18,000 per a square metre highlighting how diverse the market across England and Wales really is. It is the affordability that has seen many pockets of the nation’s property market remain buoyant despite uncertainty slowing growth in other areas such as London.
But it’s not all doom and gloom, there are still plenty of areas of England and Wales where you won’t have to shell out nearly £20k per square foot.
Blaenau Gwent in South Wales is the most affordable of the lot where a property cost just £777 per square metre!
Merthyr Tydfil and Neath Port Talbot are also the other Welsh areas among the cheapest.
Burnley and Hyndburn complete the most affordable where the cost per square metre is also under £1,000.
But while the cost of a property increases the size of new houses has remained fairly static at 104 metres squared. A shift towards smaller properties such as flats, due to affordability and the popularity of city living coupled with the lack of space, has seen the size of new flats increase by 18%, now averaging 49 metres squared.
When combined, the average size of a new property across England and Wales is about 90 metres squared, marginally smaller than the average across the EU, but still dwarfed in comparison to the USA.
Often homeowners will look to an extension as a way of bolstering their property potential size wise (and in value) and can help add real value in the congested city centres. But homeowners can also be disappointed when it doesn’t add as much value as they thought it might and so doing your research and studying market conditions is vital – or you could just use this handy calculator from the ONS..
Space is always the most sought-after commodity when house hunting, but it’s important to remember that the cost of an extension won’t always translate into the same monetary value for the property as a whole.
In a major city where space is tight a loft extension can add real value, but outside of the city where there is an abundance of space, this isn’t always the case. it’s important to consider this before committing to the work and then price according to the market and not what you think your house is worth.