Ever wondered how much house you could actually get for your hard-earned cash? Well, a new study from Savills has revealed how far your money will go across the UK.
Turns out, that average house price of £340,837 can get you a whole lot more space in some parts of the country than others.
Big Homes Up North, Tiny Flats Down South
The North East is the king of space when it comes to property. That £340,837 can bag you a roomy five-bedroom house, with around 1,955 square feet. That’s more than three-and-a-half times the amount of space you’d get in London, where the same amount of cash will only get you a one-bedroom flat.
Where Your Money Goes
Here’s how the average house price breaks down across different regions:
| Region | Square Footage | Home Type |
| North East | 1,955 | Medium 5 bed house |
| Scotland | 1,743 | Large 4 bed house |
| Wales | 1,593 | Medium 4 bed house |
| Yorkshire & The Humber | 1,566 | Medium 4 bed house |
| North West | 1,536 | Medium 4 bed house |
| East Midlands | 1,334 | Small 4 bed house |
| West Midlands | 1,308 | Small 4 bed house |
| South West | 1,000 | Small 3 bed house |
| East of England | 928 | Small 3 bed flat |
| South East | 825 | Medium 2 bed house |
| London | 551 | Medium 1 bed flat |
Big Difference, Big Impact
This huge difference in what you can buy across the UK has a big impact on people’s lives. It influences where they can live, how far they have to commute, and how much money they need to make to get on the property ladder.
Lucian Cook, head of residential research at Savills, says: “It’s what makes the housing market so fascinating. But it also has implications for labour and social mobility, which is why housing and the building of new homes remain so important from both a political and economic perspective.”
London’s Squeeze
Londoners are feeling the squeeze the most. That average house price gets you a tiny studio or one-bedroom flat in most of London’s boroughs. And while Londoners earn more on average, the average house price is still a huge 4.8 times their average income, making it one of the least affordable places to live in the UK.
The Most and Least Space
Here’s a breakdown of the places where you can get the most and least space for your money outside of London:
Most Space:
- Easington
- Rhondda
- Na h-Eileanan an Iar
- Middlesbrough
- Liverpool, Walton
Least Space:
- St Albans
- Esher & Walton
- Epping Forest
- South West Hertfordshire
- Mole Valley
The Bottom Line
It’s clear that house prices are not a level playing field across the UK. If you’re looking for a big house, the North East is where to go. But if you want to be near the action in London, be prepared to make some sacrifices on space.