Zoopla has calculated that £200 would buy you the equivalent of two A4 sheets of floor space in an average Burnley home, but in Westminster, the same money would stretch to only a quarter of a sheet, the equivalent of a standard postcard.
This comparison is being used to show home buyers how much space they can typically expect to get for their money in different locations.
Buyers in Westminster would typically have to pay £837 for floor space equivalent to one sheet of A4, £686 in Kensington and Chelsea, and £665 in Camden, the website found.
Elsewhere in Lancashire, one A4 sheet in Blackpool would cost £100.
In the North West, Trafford was considered the most expensive area, with one A4 sheet costing £200.
Richard Donnell, executive director at Zoopla, said: “Our analysis shows that the gap between what £200 gets you in Westminster versus what it buys in the North West is not just a number – it is the difference between a sliver of a page and two full sheets of paper.
“That is the true scale of Britain’s housing divide, and it is something every buyer and homeowner should understand as they plan their next move.”
READ MORE: Property could be turned into HMO if plans are given green light
READ MORE: Hyndburn Council approves new HMO as plans submitted before Article 4 clampdown
Earlier this year, Burnley was named as England’s most affordable town for first-time buyers to get a foot on the property ladder by Nationwide.
The town is the best place to buy a home, with typical property prices costing 2.8 times the average earnings.
Nationwide used average first-time buyer home prices and local earnings figures for average adult full-time workers to make the calculations.
In a further challenge to aspiring first-time buyers and homeowners, mortgage rates have been jumping in recent weeks amid changing market expectations following the conflict in the Middle East.
Hundreds of mortgage deals have also been withdrawn from the market as lenders have scrambled to make adjustments.
Leave a comment