·         The average cost of a square foot in Britain’s properties is £293 per ft², an increase of 28 per cent over the past five years

·         DL17 in Darlington, County Durham is the area buyers can get most for their money with an average cost of just £58/ft²

·         The most expensive area for a square foot in Great Britain is SW3 in Kensington and Chelsea costing £1,721/ft²

The average cost of a square foot in Britain’s properties is currently £293/ft² reveals new research from Churchill Home Insurance¹. But those looking to get more value for their money should head to the North East where the cost of a square foot currently stands at £159 – the lowest in Britain and almost half the national average. This is followed by Wales (£169/ft²) and Yorkshire and the Humber (£189/ft²).

Over the past five years the cost of a square foot has increased by 28 per cent², or £63, with the average property costing £229 per ft² in 2016. The asking price for Britain’s properties has also increased with the average home now costing a third (34 per cent) more, an increase of £74,900.

When broken down by postcode, DL17 in Darlington, County Durham is the area buyers can get most for their money with an average cost of just £58/ft². TS1 in Middlesbrough is next costing £62/ft² followed by DL4 in Shildon at £68/ft².

The most expensive postcode is SW3 in Kensington and Chelsea where a square foot will set you back an eye watering £1,721/ft². This is followed by SW7 in Westminster (£1,671/ft²) and W8 in Kensington and Chelsea (£1,578/ft²).

Table one:  Top five least and most expensive postcodes by cost per ft²

 

Source: Churchill Home Insurance 2021

It’s not surprising therefore, that London is the most expensive region, where the average cost per square foot is a staggering £669. The capital also suffers from having the smallest properties (at 870ft²) with the lowest average number of bedrooms per property. On top of that, London has the biggest affordability gap, with the average house costing 10.7 times the typical household income – significantly higher than the national average of 6.9.

Table two: Average property price and cost per sq. ft across British regions 

Source: Churchill Home Insurance 2021

Value is very much front of mind as three quarters (75 per cent)⁴ of UK adults stated value for money being a very influential factor when looking for a new home. Having access to a larger space, such as a bigger kitchen or dining room, is also important (67 per cent), while the desire to live in a different kind of area (56 per cent) was another consideration.

With the recent changes to work life and more people being able to work from home, there has been a shift away from city life, with the share of movers living in suburban areas falling from 54 per cent to 48 per cent, while the proportion of people living in rural areas has increased from 16 per cent to 22 per cent.

Steven Williams, Head of Churchill home insurance, said: “The past year has brought so many changes to our lives. One of the greatest changes is the freedom working from home offers those who normally commute from where they live, as time in an office becomes less important. It is understandable that value for money is at the top of considerations when it comes to influential factors whilst looking for a property, and it’s interesting to see which areas offer the greatest value. As someone who is based in Wales and was previously commuting to and from London, working from home has certainly added flexibility to my life and a greater appreciation of my local area.”

“Our research allows people to see where opportunities to get more value are around the country. No matter where people do decide to live, we are reminding people home insurance is there to protect them and give peace of mind should anything unfortunate happen.”     

 

                                                                        ENDS

Notes to Editor

¹ Churchill analysis of average property prices in Great Britain by square footage conducted on a postcode area and regional basis in May 2021.

² Churchill analysis of “House prices: how much does one square metre cost in your area?”, published 11 October 2017, “the UK House Price Index: December 2016”, published 14^th February 2017 and “Total number of households by region and country of the UK, 1996 to 2017”, published 17^th February 2016, all courtesy of the ONS.

³ Research conducted by Opinium amongst 2,001 UK adults between 25^th and 27^th May 2021.

For further information please contact:

Hayley Saunders
Churchill PR Manager

Tel: 07814269915

Email: [email protected]

Samantha Stewart

Citigate Dewe Rogerson

Tel: 0207 025 6497

Email: [email protected]

Churchill

Founded in 1989, Churchill is now one of the UK's leading providers of general insurance, offering car, home, travel and pet insurance cover over the phone or on-line.

Churchill general insurance policies are underwritten by U K Insurance Limited, Registered office: The Wharf, Neville Street, Leeds LS1 4AZ. Registered in England and Wales No 1179980. U K Insurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.  

Churchill and U K Insurance Limited are both part of Direct Line Insurance Group plc.  

Customers can find out more about Churchill products or get a quote by calling 0300 200 300 or visiting www.churchill.com