Study shows that Britain’s houses are getting smaller but more expensive
A new study from ElectricalDirect has revealed how Britain’s houses are getting smaller but more expensive.
The property market has boomed in the UK and house prices have also skyrocketed, with the average house price in England increasing by 171% since 1980.
However, despite the price you pay for a house continuing to rise going up, the amount of house you actually get keeps getting smaller.
Back in 1980, the average price for a house in England was £18,377, but in 2020, you’re now looking at an average of £247,898. The study highlights that 171% increase hasn’t been caused by inflation alone, but the demand for houses, and buyers willing to pay more to land their dream home.
On the flip side of this, as prices may be going up, sizes are going down, the study reveals how much smaller the average house now is. 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.
The study has also discovered where in the UK has witnessed the biggest increase in house sizes.
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.
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.
As a part of ElectricalDirect’s study, 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.