The latest Office for National Statistics house prices have been revealed. But what can you get for today’s average house price, and where are buyers getting more for their money?
As has been the case across all indices in recent months, the new ONS data shows how house prices have continued to climb across the UK. The rise is led by the north-west, with a 5.3% monthly increase since August 2021.
The average UK home value has gone up by 11.8% between September 2020 and September 2021, bringing the average cost to £269,945. In the north-west, this was a huge 16.8% annually, compared to London which saw just a 2.8% uptick over the year.
But there’s more for buyers and investors to think about than just house prices. A new analysis by ConservatoryLand has delved deeper into the figures, looking at what the average price of around £270,000 gets you across the country, and where you can find the best value for money.
Race for space
In its study, ConservatoryLand marked Stoke-on-Trent in the West Midlands as the place where you get the most “bang for your buck”. Here, for the price of the UK’s average home, you can get four bedrooms, three bathrooms, an 80% chance of having a driveway, and 86 square metres of space.
Derby in the East Midlands was next on the list for value for money, where you can get even more space (91 square metres), and 100% chance of a driveway. Kingston upon Hull, Blackpool and Wolverhampton followed as areas where buyers with a decent budget can get more space.
In terms of more major cities, Birmingham came impressively high in seventh position. Here, you can expect to get three bedrooms, one bathroom and 90 square metres for around £270,000. While house prices in the city are on the rise thanks to huge levels of investment and improvements underway there, it is still an affordable part of the country in which to invest.
Liverpool follows in eighth place, another major UK city growing in importance. Buyers could get a three-bed, two bathroom property with 92 square metres and an 80% chance of a driveway in the north-west city.
Where less is not more
The study from ConservatoryLand also names the cities where you get the worst value for money. Quite unsurprisingly, London was at the bottom of the pile, where £270,000 is likely to get you an average of two bedrooms, two bathrooms, 0% chance of a driveway and just 47 square metres. However, many buyers and investors are obviously not drawn to the capital by the spacious homes, but by the added amenities, employment prospects and other benefits of the city.
Reading offers more value than London but still came off badly in the rankings. Similarly, you could get a two-bed property there for the price, with 0% chance of a driveway, but a lot more space – 88 square metres. Bristol also appears in the lowest value for money list, along with Luton and Milton Keynes.
House prices will climb further
Sam Mitchell CEO of online estate agent Strike commented on the rising house prices: “Property prices jumped yet again in September as the market enjoyed one final stamp duty holiday hurrah.
“And whilst we might not see quite the level of intensity in the market now the incentive has ended, there is still a stark supply and demand imbalance. With few properties coming onto the market – and those that do selling fast – prices are likely to be pushed up further.”
“Plus, with a disappointingly brief mention of the UK property market in last month’s Budget, it’s unlikely the latest set of homebuilding promises will help to slow UK house price growth any time soon. In fact, the Office for Budget Responsibility has now predicted that house prices are on course to increase by 8.6% this year, revising their earlier prediction that prices may fall.”
