Different ways of looking at property size
Buyers in the UK tend to focus on the number of bedrooms a property has when deciding what to buy.
But beyond the British Isles, the cost of floor space is the big deciding factor for home movers.
Looking at a home’s asking price per square foot (sq ft) is a logical way to assess its value for money, which is increasingly important in today’s affordability-challenged times.
Price per sq ft also deals with the challenge of homes and bedrooms coming in different shapes and sizes.
Some homes will have extra receptions, bathrooms and storage all adding to the total floor space, meaning the largest 3-bed semis can have 55% more space than the smallest ones.
Many buyers only find out about these differences during the viewings, whereas comparing homes on a price per sq ft basis can help you eliminate the ones that are simply too small and save you precious viewing time.
Average price per sq ft of different property types
While differences in the amount of floor space in homes can be subtle, the variations in price can be significant.
Looking at the cost per sq ft allows you to easily compare the value for money offered by each property type.
Which properties offer the best value in terms of space?
Our research finds that terraced homes offer the best value for money.
The price per sq ft of a terraced property ranges from £225 for a 2-bed to £235 for a 4-bed house.
Detached and semi-detached homes come with a higher price tag per sq ft but tend to offer more space and external features, such as off-street parking options.
Flats are often seen as offering the least value for money. However, that’s not always the case.
Outside of London, the average of a 2-bed flat is £245 per sq ft. That’s 9% lower than the average price of a 2-bed semi-detached house (£270 per sq ft).
Having said that, in the North West, Wales and London we find flats are some of the most expensive options when measured by cost per sq ft.
This is likely due to a rise in new developments featuring plenty of amenities in the cities of London, Manchester and Cardiff.
Most expensive areas per sq ft of property
In reality, what someone pays for a unit of space will vary by region as well as property type.
Outside of London, the average price per sq ft of property is £260. This means the space taken by a double-bed typically costs around £7,176 on average.
In London, that figure more than doubles to £585 per sq ft, meaning a double bed’s worth of space would cost £16,146.
However, buyers looking for a home in areas such as Erith (DA8), eastern Dagenham (RM10) and Belvedere (DA17) can pay less than £400/sq ft.
Those searching in neighbouring regions in southern England will pay £295 per sq ft, with prices rising to £295 in the South West and £375 in the South East.
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In the south, coastal areas offer the most value
In southern England, we find that historical seaside resorts and port towns offer the most affordable homes on a £ per sq ft basis - up to 45% below the regional average.
Areas worth considering for the best value for money are:
Portsmouth (£230)
Plymouth (£180)
Dover (£230)
Great Yarmouth (£180)
Queensborough (£230)
Outside of southern England, the average price per square foot ranges between £145 (North East) and £240 (West Midlands).
However, those looking to buy in city centres such as Edinburgh (£410), Birmingham (£420) and York (£370) will find a sq ft of property can cost 75%+ more than the regional average.
Those looking to buy in villages near former Areas of Outstanding Natural Beauty and national parks should also be prepared to pay 60%+ more than the regional average per sq ft of property.
This includes areas such as Bakewell (£360) in the Peak District and Aberdyfi (£330) on the edge of Eryri National Park.
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