Each square foot of space in a property costs money, although the cost varies largely throughout the UK. Zoopla recently conducted a survey to find out how much property space you will get for your cash.
According to the report, by Zoopla and Hometrack, the square footage you are able to afford will vary across the UK, with Kensington and Chelsea being the most expensive at £1,328 for one square foot – an increase of 29% in comparison to five years earlier.
The area that came in at second place for most expensive square footage is City of Westminster, at £1,093. At the other end of the scale, Blaenau, Gwent is the area where you will be able to buy more square footage for your money, at £79 per square foot, an increase of 10%, in the last five years.
The average cost of property space across the UK is £211, which is an increase of 26% over the last five years. The North East of England offers the best value for property space, at £124, while Wales is the next in line for value, at £137 per square foot of space. Unsurprisingly, London is the least affordable region in the UK, with average square footage costs at £496.
In addition to focusing on the square footage costs in a region, you may wish to seek help from a CeMAP qualified mortgage advisor, who will help you find the most affordable mortgage to suit your individual requirements.