Buying a home may be the largest financial investment the majority of us is ever going to make, just how much are you currently getting for the money? New data reveals the average price Brits are paying per square metre of property and which areas are costliest.
London continues to be region most abundant in expensive house by square metre, based on research from high street bank Halifax, but prices haven’t moved in the past year. By comparison, average prices in certain areas have raised by a lot more than 20%.
Which? compares the data and explains the best way to work out the need for your home.
Highest prices per square metre
Perhaps unsurprisingly, Greater London continues to be area in which you pay most for housing, at lb5,106 per square metre, the Halifax survey found. Yet in the past year, this has hardly increased at all.
By contrast, house buyers in East Anglia have seen the cost per square metre increase by 7%, hitting lb2,256.
Properties in Wales are the cheapest on a square metre basis, at lb1,456. Having said that, this represents a 5% increase around the year before.
You can see the entire information for UK regions and countries (excluding Northern Ireland) in the map below.
Which areas are increasing fastest?
Looking in a local level, some towns have seen rapid development in the past year.
The average price per square metre in Burnley, in the North West, has jumped by 24% previously year, up to lb1,304, Halifax found. The average home in the region is around 110 square metres.
Market Harborough, in the East Midlands, experienced a 20% increase with price per square metre at lb2,089. Homes in Market Harborough are usually a roomy 133 square metres in dimensions, with an average property cost of lb335,025.
Three towns within the South West managed to get in to the top 10 for fastest growth – Melksham, Bideford and Poole.
And while Wales generally had growth of 5%, the town of Neath saw average prices per square metre jump by 16%.
You can easily see the very best 10 below:
|Price per sqm.
|Average property size.
|Newton Le Willows
How expensive is your house worth?
Working out how much your house is worth can be tricky. Ultimately, it will come down to exactly what a buyer would like to pay for.
But you can estimate the need for your home by looking at the following factors:
You may also seek an estimate from a local estate agent, although it’s worth obtaining a few different opinions to make sure you possess a realistic idea of the current market.
Keep in your mind that banks will execute their own valuation when you apply for a mortgage to ensure the property is worth what you’ve offered to pay it off.
If the valuation is really a lot under what you’ve offered, and also the bank isn't comfortable taking on the risk of lending, you might not be approved for that loan.
From the seller’s perspective, expecting too much may limit the clients who can secure a loan for that full amount.
For this reason, whether you’re buying or selling, it’s important to possess a realistic concept of how your house is likely to be worth.
To learn more, you can read our guide to just how much a house may be worth.