How much is your home worth per square metre?
PUBLISHED: 09:45 20 October 2017 | UPDATED: 10:31 20 October 2017
New figures just released calculate how much a house is worth per square metre depending on where you live, as Joe Pattinson, from Newbury New Homes discusses.
Whilst Benjamin Disraeli (probably incorrectly) gets the credit for the phrase that there are “Lies, damned lies and statistics,” it points out that facts and figures are open to interpretation and often are used in the way that a drunk uses a lamppost; more for support than enlightenment.
The Office of National Statistics has just released figures that throw a little light on comparative house prices across the country. They show that the average cost for houses in the UK is £2,395 per square metre. They break them down by district and region. At the top end of the scale, not surprisingly, is Kensington where it will cost you £19,439 per square metre to put a roof over your head, whilst Blaenau in Wales comes in at a more affordable £777 per square metre.
Norwich is the most expensive area in Norfolk at £2,367 per square metre, with Broadland £51 and South Norfolk £83 below that figure. North Norfolk is hot on their heels with Breckland and Kings Lynn just below the £2,000 mark and Waveney coming in at £1,814.
The report details the price changes from 2004 to 2016 with London outstripping the rest of the country by some distance with a 97 per cent increase whilst the average for England has been 44 per cent. After the South East at 56 per cent the East at 53 per cent is the third highest mover and some way ahead of the North West at 35 per cent. The North East has been the region with the slowest growth at just 19 per cent over the 12 year period. This is a reinforcement of the generalisation that property is all about Location, Location, Location, which is true, though prices do change from town to town and from street to street. But anyone buying a home in East Anglia has had a good return on their investment. The FTSE 100 has risen 48 per cent in the same period but a house has the advantage that it gives you somewhere to live.
One fact in the report that will come as a surprise to many is that new properties are a lot larger than existing ones, with the average new house in 2016 being 13 per cent bigger. We hope that you can pop down and see us so that we can surprise you with the size of our new homes at Wendover Park in Salhouse Road, Rackheath, which come with plenty of “extras” included in the price. They have a super specification and, until the end of the year, we are paying stamp duty as well as legal fees up to £600. With “Help to Buy” you only need a 5 per cent deposit and part exchange is available on some larger house types.
You can contact Joe Pattinson at Newbury New Homes, sponsors of this column, on 01603 520 000, or visit www.NewburyNewHomes.co.uk