Properties in London are seven times more expensive per square metre than those in Stoke-On-Trent.
This is according to professional house buyer, Open Property Group, which carried out complex desk research to reveal that the Staffordshire city is one of the most affordable places to live.
Using house-price-per-square-metre data, it found that London house prices sell for an average of £7,731 per square metre. In comparison, cities in the north sat at the other end of the scale. Houses in Stoke-on-Trent sell for an average of £1,104 per square metre and Bradford houses are close behind, selling at £1,307 per square metre.
Other northern cities also fell below the £2,000 price per square metre threshold. To buy a property in Leeds, you will be looking at paying an average of £1,684 per square metre. In Manchester, the price per square metre will be £1.654.
|2021/2022 House Price Per Square Metre Ranking|
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Openpropertygroup.com Managing Director, Jason Harris-Cohen, said: “While the British public is used to seeing a house price that reflects the entire property package, knowing the actual cost per square metre is a far more effective way of evaluating value for money.
“Using this method, buyers can compare the price of a like-for-like size property anywhere in the country, without superficial factors in the equation, which is essential for buy-to-let purchasers or anyone looking to add value.”
According to Harris-Cohen, pricing per square metre isn’t just for investors. Following the pandemic, buyers continue to look for more space but potentially with the same budget as they seek extra bedrooms, bigger living spaces and a home office.
He added: “When put like that, it’s easy to see why people will continue to look outside of London and the South East for their next home.”
The research also found that, based on buyers with a 20% deposit and a mortgage up to 3.5 times their salary, Stoke-On-Trent is the second most affordable place to buy property, with Durham coming out on top.
|Most affordable with 20 per cent deposit and 3.5 x average salary mortgage
|City||Affordable house price||Actual house price||Percentage drop/increase for house price to be affordable|
(2020 position = 1st)
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(2020 position = 9th)
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(2020 position = 7th)
|Newcastle upon Tyne
(2020 position = 8th)
(2020 position = 10th)