Locations revealed: Britain’s next boom
By Vin Parmar on 12 Apr 2018 in Industry News
New research shows towns across Britain are looking at the cost of properties per square metre.
Some towns and cities have cheaper properties, but a study reveals which areas show their best investment returns based on their size.
According to Zoopla the typical property in Britain now costs £211 per square foot, which is an increase of more than a quarter since 2012.
The biggest increases in price have been in East London, where Newham – home to the Olympic Park in Stratford – has risen 86 per cent in five years. These properties cost double the average square foot at £422. Waltham Forest had an increase of 84 per cent, followed by Barking and Dagenham.
Outside the capital, Slough has seen the biggest jump in value, with the average square foot costing from £145 to £374. Property prices have increased because of the upcoming Crossrail train line, which will connect East and West London and surrounding areas – making it easier for commuters.
Square foot prices have over doubled from £105 to £282 in Stevenage in Hertfordshire. The most expensive properties per square foot are in Kensington and Chelsea, costing £1,381 – an increase of 29 per cent since 2012.
The research also reveals where homebuyers can buy the biggest homes for the lowest prices, as property prices have not increased across all parts of Britain.
The cost per square foot has decreased in Hartlepool, County Durham, which is down seven per cent to £102. Prices in Burnley, Lancashire are among those of the lowest in the country at £87 per square foot, down three per cent since 2012. The cheapest price is Blaenau Gwent, South Wales at a typical cost of £79, up 10 per cent since 2012.
Lawrence Hall, spokesperson for Zoopla said: “Analysing property prices per square foot is an effective way of seeing where you can achieve the most space for your money and can help steer you to areas you may want to focus your property search on, depending on your budget.
“The home counties have performed very well since 2012 in addition to some London boroughs, such Newham and Waltham Forest, which have seen increases for over 80 per cent per square foot. This is no doubt in part due to the significant investment regenerating the area for the London Olympics.
“However, if you’re looking to maximise the amount of space possible on a budget, you should look to the Midlands and North to ensure best value for money.”
Regional growth in price per square foot since 2012
Below is a list of regional growth since 2012 in price per square foot, ranked highest to lowest:
- London – 54 per cent
- East of England – 38 per cent
- South East – 36 per cent
- South West – 23 per cent
- East Midlands – 20 per cent
- West Midlands – 18 per cent
- Scotland – 11 per cent
- North West – 11 per cent
- Yorkshire and the Humber – 10 per cent
- Wales – nine per cent
- North East – three per cent