The type of property buyers can get at the average asking price ranges from five bedroom homes to studios depending on the areas, new RIghtmove research has revealed.
Analysis by the portal shows that in some areas buyers can find five-bedroom homes for around the national average asking price of £378,000, whereas in other areas it is only a flat or studio that buyers can afford.
There are clear regional differences, with buyers in Scotland and the north typically able to afford larger family homes, while in London and parts of the south, the same budget is more likely to buy a flat.
REGIONAL DIFFERENCES
In North Lanarkshire, buyers can find a five-bedroom detached house for an average asking price of £376,052
In Charnwood, Nottingham and County Durham, buyers can find five-bedroom semi-detached homes for around the same price
However, in parts of London, £378,000 typically buys just a studio or one-bedroom flat, including in Richmond upon Thames, Tower Hamlets and Hackney, the research shows.
Colleen Babcock, Rightmove’s property expert, says: “Buyers are weighing up value more carefully in the current market, and this analysis shows just how much variation there can be in what the same budget buys in different parts of Britain. For some movers, the price of an average home could mean a flat in a more expensive city market, while in other areas it could stretch to a much larger family home.
“With the number of homes for sale at historically high levels for this time of year, homes that feel well-priced for their size, location and condition are more likely to stand out. Affordability remains a key driver of buyer behaviour, and many movers are taking the time to compare what they can get for their budget before making a decision.”
FINDING THE RIGHT BALANCE
Commenting on the research, Nathan Emerson, chief executive of Propertymark, says: “Many buyers aren’t only comparing house prices, even though affordability remains one of the biggest deciding factors. They’re also balancing employment opportunities, commuting times, schools, transport links and the lifestyle that different locations can offer.
“While this research shows that the same budget can buy a five-bedroom family home in some parts of Britain and only a small flat in others, there’s more to value than the number of bedrooms. Estate agents provide the local expertise that helps buyers understand the long-term appeal of an area, future investment potential and whether a property genuinely represents good value for money.
“More buyers are widening their search areas as flexible working and improved transport links make it easier to prioritise space and affordability. This is creating fresh opportunities in markets that offer greater value, while reinforcing the importance of local market knowledge when making one of the biggest financial decisions of a person’s life.”
