House prices: Expert discusses 'interesting' pricing differences
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New research from Hammonds Furniture has revealed what the average house price can get homebuyers across the nation. The average house price in the UK across the last 12 months currently stands at £268,000. While that may sound like a hefty sum of money, what buyers can get will depend on where they are searching in the country.
Property hunters will be able to get more space and better value for money depending on the location.
Hammonds analysed sold listings across the last six months on Zoopla to find out what buyers can get for Britain’s average house price in major cities across the country.
Combining data from Halifax and the Land Registry from the last 12 months, they found the average British house price in between May 2021 and 2022 to be £268,001.
The area that offers Britons the most bang for their buck was Bradford.
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Homeowners looking to spend £268,000 on a home can bag a detached property with four bedrooms, two bathrooms and two reception rooms.
Semi-detached homes in Newport and Preston offer the same amount of bedrooms, two bathrooms and two reception rooms.
Hull, Newcastle, Peterborough, Swansea, Stoke on Trent, Wolverhampton, Aberdeen, Derby and Northampton are cities where buyers can bag a three-bedroom detached property for the average house price with varying numbers of reception rooms.
Typically across the country, the average house price will get a buyer a semi-detached house with three bedrooms, one bathroom and two reception rooms.
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If buyers are looking to maximise on their budget, house hunters may want to look at homes in Bradford.
At the other end of the scale, homebuyers in London can get a two-bedroom flat with just one bathroom and reception room for the average house price.
As well as London, the cities that offer the worst value for money include Brighton and Edinburgh.
Buyers looking in these areas will get the same amount of space as a flat in London.
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Generally, buyers looking for a new home for the average house price may be able to secure a larger property in the north of England compared to the south.
The majority of southern cities offer less bedrooms on average.
Southern cities like Bristol and Southampton offer properties that tend to be terraced.
Coventry, Cardiff, Bristol, Reading, Southampton and Cambridge offer Britons terraced homes for £268,000 with varying numbers of bedrooms, bathrooms and reception rooms.
To illustrate the regional differences in value for money in the property market, Hammonds created a map showing what buyers can get for £268,000 in 32 major UK cities.
Kirsty Oakes, Head of Product and Marketing at Hammonds Furniture, added: “With peak house-buying season well underway, we hope this study helps house hunters to see where they can get the best value for money, and figure out what sort of property they can expect to find in their budget.
“It’s clear that there’s some pretty big regional differences in what you can buy for the average house price, revealing some potential hidden gems for more affordable, spacious properties.”
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