According to data published by Zoopla, homebuyers looking for the best bang for their buck should consider Hartlepool.
The real estate portal revealed the cheapest and most expensive real estate markets based on price per square meter.
It found that the average house in the UK currently costs £300 per square meter. This means that if someone buys a 1,000 square foot property and sells it for £300,000, the buyer pays an average of £300 per square foot.
Based on the UK average of £300 per square meter, Zoopla estimates that a standard-sized double bed takes up an average of £8,280 of space.
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According to Zoopla, the average house in the UK currently costs £300 per square meter
The total square footage of the property is calculated by adding up the square footage of each room. The square footage of each room is calculated by multiplying the length by the width.
Most floor plans list the total square footage and square feet of the property. 1,000 square feet is 92.9 square meters.
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According to Zoopla, the seaside town of Hartlepool in County Durham has the lowest cost per square meter at £118. This means that a double bed takes up the equivalent of 3,257 pounds of floor space.
Kensington and Chelsea in London were the most expensive – £1,373 per square meter, which equates to £37,895 for a double bed.
The average price per square meter across London is well under £585, showing how much prices can vary across the capital.
Outside the capital, there are still areas where buyers will struggle to find properties below the national average.
In some city centers, such as Edinburgh, buyers can expect to pay an average of £410 per square meter, in Birmingham for £420 and in York for £370.
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Bargain: Hartlepool is the cheapest area to buy on a pound per square meter basis and priced at £118
Those looking to buy in villages close to national landscapes (former Areas of Outstanding National Beauty) and national parks can also expect to pay above average in pounds per square meter.
For example, in the market town of Bakewell in the Derbyshire Dales, buyers can expect an average price of £360 per square meter.
Aberdyfi, on the edge of the Eryri National Park in Wales, should also be prepared to pay more than the national average of £330 per square meter.
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Deep pockets: Kensington and Chelsea is the most expensive area in the UK, with homes costing an average of £1,373 per square meter
Those looking for a home in the south of England may have a little better luck finding homes for under £300 per square meter.
Zoopla estimates that a third of southern England has homes with an average price of £300 per square meter or less.
In this area, historic seaside resorts and port towns offer the cheapest homes at a pound per square meter, up to 45 percent below the regional average.
Areas worth considering for the best value for money are Portsmouth at an average price of £230 per square meter, Plymouth at £180 per square meter and Great Yarmouth at an average price of £180 per square meter.
Outside the south of England, the average price per square meter ranges from £145 per square meter in the North East to £240 per square meter in the West Midlands.
What types of properties offer the best prices per square meter
Terraced houses offer the best value for money, with prices per square meter ranging from £225 for a two-bed property to £235 for a four-bed property.
Although detached and semi-detached houses command a higher price per square meter, they usually offer more space and external features such as on-street parking, which should be taken into account by potential buyers.
According to Zoopla, the two-bedroom terraced and semi-detached homes are the same size at 860 square feet.
The difference between the average three-bed townhouse and a three-bed semi-detached house is 20 square feet – enough to fit an extra desk, which has become more desirable in recent years due to hybrid working.
However, when considering the space in a terraced house and a four-bedroom semi-detached house, the difference of 70 square feet is significant. This amount of space is enough for an additional bathroom, a small office or a utility room.
Is price per square meter a good measure of value?
Buyers who take into account the price per square meter are often investors, both in the case of buy-to-let, development and sale.
While this can be a useful indicator to help you choose a property from your shortlist, there is a danger that it may blind you from choosing the house you like best.
Ultimately, checking out what these types of properties are selling for in the area should give you a good indicator of value without having to obsess over square footage.
Izabella Lubowiecka, senior real estate analyst at Zoopla, said: “In many other countries, buyers often pay more attention to floor space and cost per square meter when looking for their next home, and they are right.
“Looking at this measurement is a much more logical way to assess value for money, allowing buyers to compare different homes without having to step inside.
“A property with an extra bedroom or bathroom may still not have the extra space a buyer is looking for. Checking the square footage of the property can help buyers determine whether the property has the space and whether the cost per square foot is worth it.
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