In one of my previous articles I discussed how much land in York is actually built on and the impact that this has had on York property prices.
Of this land, how much does York property actually cost on a square metre basis?
Before we get into the nuts and bolts, it is worth noting that according to Office for National Statistics (ONS) analysis, new flats in England and Wales are now built on average 18% bigger within in the last four years, while new houses have remained around the same size.
The average house sold in England and Wales had a floor area of 104 metres squared, 70 times smaller than Wembley football pitch. Flats averaged 49 metres squared (excluding bathrooms, corridors, hallways and landings).
Of flats and houses together, the average size of properties sold in England and Wales was 90 metres squared – smaller than the EU average, and significantly smaller than new homes in the US.
New properties are a lot bigger than existing ones. The average new house sold was 13% bigger than the average existing house, while the average new flat was 17% bigger than the average existing flat.
With the above square metre-age comparisons in place, the ONS found that York is the most expensive area in Yorkshire standing at £2,655 per square metre even beating the England & Wales average of £2,395 per metre squared.
What the above table tells us is that York property is 218% more expensive (per square metre) than the least costly areas in Yorkshire. This is indicative of property prices which, according to Land Registry have increased over the last 10 years as follows:
As capital growth over the last 10 years is strongest in York, this will undoubtedly have an impact on the price per square metre. From the above illustration, York property has shown sustainable growth which, based on historic trends, it is inevitable that the price per square metre will continue to outstrip other areas in Yorkshire making investing in York property very compelling.