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How much space can £231k buy you?

The increased time spent at home has prompted many of us to reflect on our living space and contemplate moving. Yet the amount of space you can get for your hard-earned cash varies widely by region.

A study* has revealed that, based on the UK’s average house price of £231,000, the West Midlands is the UK region with the most living space. Buyers can also expect to benefit from a higher-than-average number of bedrooms for their money, averaging 3.02 against the UK’s 2.64. Northern Ireland takes the top spot for this with an average of 3.26.

The research itself looked at figures from almost 4,000 data points taken from 650 live property ads within the UK average price bracket of £230,000 and £240,000. The findings show the average size buyers can expect for this price, as well as where buyers are most likely to find features such as utility rooms, garage space and built-in storage.

With house sizes within the UK average price bracket being 81.6 square metres on average, West Midlands’ buyers will get the best value in terms of space, with houses in this region boasting around 30% more room at 104.92 square metres. Yorkshire and the Humber residents can also get plenty of space for their money, ranking second in terms of square meterage at just short of 100 square metres (98.4).

 

London offers poorest value

Meanwhile, those buying in Greater London can expect the smallest living space, at a tiny 45.74 sq m on average, with some properties measuring as low as just 21 sq m. House buyers are also less likely to have a garage or utility space compared to those in the West Midlands.

Outside the capital, South East residents are only able to buy an average of 62.91 sq m. for their £231,000, while those in Scotland can expect 72.31 sq m.

 

We can help with your mortgage search and more

Regardless of where you are in the UK and how big the house is, finding a suitable mortgage can be challenging, particularly in the current climate, but we can help. We can assess a wide range of mortgages and advise on which best suit your circumstances.

 

*Space Station, 2020

 

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.