Since 1980, UK house prices have ballooned by 171% from £18,377 to £247,898 in 2020. Inflation isn’t the sole culprit here. Demand for homes and buyers willing to pay more to land their dream home have also played their part.
Yet despite the rapidly accelerating prices we are paying for property in the UK, you might be surprised to hear that the amount of house you get, keeps getting smaller. New research from ElectricalDirect highlights just how much less house you now get for your hard-earned cash.
Prices are going up, sizes are going down
In 1980, on average UK houses boasted 75 SQM of space, but in 2020, the average house size is now at around 67 SQM, which is an average decrease of -18.61%. If this trend is set to continue, in forty years time houses as small as 53 SQM could be selling for upwards of £422,723.
The UK towns and cities where house prices have increased the most
Southend-On-Sea and Bristol have experienced the most dramatic house price increases
Southend has become a popular commuter city for workers in London, and appears to have also begun to adapt to those notoriously high London house prices, with an increase of +68%. Similarly, Bristol boasts three universities and has also experienced a +68% increase in house prices, meaning that the average house now goes for around £282,596.
Not only that, but the average house size has also decreased, with Southend reporting a -1% decrease, and Bristol a -2% decrease.
But, on the other hand, research has also discovered where in the UK has witnessed the biggest increase in house sizes.
The UK cities and towns where house sizes have increased the most
Cambridge performs the best for floor space
Between 2011 and 2018, average property sizes in Cambridge have increased by an impressive +10%. However, Cambridge has also experienced a +57% increase in house prices, meaning that although you’re getting more space, it’s going to end up costing you more.
The UK cities offering best value for money
But it’s good news for those wanting to relocate and settle down in Blackpool, as the popular seaside town works out as the best value for money, with a +3% increase in house sizes and significantly smaller house prices increase of +29%, is it predicted that the average house in Blackpool will set you back £138,680 in 2025.
What’s in store for the future?
As a part of the research, it was predicted that house prices are set to continue to increase as the property market shows no signs of slowing down. While in England, average house prices are around £244,180, this figure could almost double, and in 2060 average house prices could be around £422,723.
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