Data shows homes in northern cities remain seven times less expensive than London

house and blocks balancing

You would probably have been living in a cave for several years not to know that houses in London are much more expensive than in most other parts of the UK.

But new research shows that they are now a staggering seven times more expensive than houses in the north of the country, according to data produced by investment company Open Property Group.

The data used in the survey was house price per square metre, with an average house price in the capital of £7,731 per square metre.

In comparison, houses in Stoke-on-Trent sell for an average of £1,104 per square metre, while Bradford is close behind, selling at £1,307 per square metre.

Major cities in the north, including Stoke, also lagged substantially behind the capital, falling below £2,000 per square metre.

Here are the top results of the Open Property Group study:

                 City                   House price per square metre

According to separate data from HM Land Registry, on average, house prices have decreased 1.1 per cent since September 2021, but there has been an overall annual price rise of 10.2 per cent, which makes the average property in the UK valued at £268,349.

Open Property Group’ Managing Director, Jason Harris-Cohen, explained that 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,” he said.

For help and advice on purchasing or selling a property, including the tax and stamp duty implications, please get in touch.

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