The UK’s property market is complex, with many factors affecting prices. A key yet often overlooked indicator is the price per square foot, which allows for consistent comparisons. This article explores these figures for the UK, North West, and Lancaster, highlighting the importance of this metric.

National Trends: The UK Perspective 

UK property prices have varied greatly over the last 30 years. The price per square foot, a useful measure of these changes, averaged £343/sq.ft in Q2 2024, up 4.61% from Q1 2023.

This figure reflects diverse markets, from London’s bustling districts at £1,187/sq.ft to rural areas like Shildon in County Durham at £77/sq.ft, influenced by demand, supply, and other regional factors including economic conditions, governmental policies, and demographic shifts

Regional Focus: The North West 

In the North West, the average price per square foot rose to £253 in Q2 2024, a 6.3% increase from Q1 2023. This outpaces the national average, thanks to regional investments and strong transport links.

Next, we’ll compare regional growth rates for this period.

• North East £188 sq.ft – a growth of 6.82% 

• Scotland £213/sq.ft – a growth of 7.04% 

• Wales £244/sq.ft – a growth of 5.17% 

• Yorkshire and The Humber £247/sq.ft – a growth of 5.56% 

• North West £253/sq.ft – a growth of 6.30% 

• East Midlands £269/sq.ft – a growth of 2.67% 

• West Midlands £286/sq.ft – a growth of 4.00% 

• South West £357/sq.ft – a growth of 1.13% 

• East of England £393/sq.ft – a growth of 1.03% 

• South East £437/sq.ft – a growth of 1.39% 

• Outer London £549 sq.ft – a growth of 1.48% 

• Inner London £779/sq.ft – a growth of 3.04% 

As you can see, the less expensive the region, the higher the growth in house prices (£/sq.ft). 

Local Insight: Lancaster’s Perspective 

Lancaster’s average price per square foot reached £243 in Q2 2024, up 3.4% from Q1 2023. The city’s appeal is boosted by top schools, a vibrant community, and a mix of urban and suburban qualities. Its diverse economy and cultural offerings continue to attract homeowners and investors.

The Importance of £/sq.ft: A Deeper Look 

The price per square foot is a vital sign of the property market’s vitality, providing a timely snapshot compared to traditional indices which often lag behind, often by 6-9 months due to sales processing times.

The £/sq.ft metric provides early insights into property value trends, offering a predictive look at market movements ahead of official reports. For instance, if the £/sq.ft figures indicate an increase, it can be inferred that property prices are on an upward trend, even if official indices have not yet reflected this change. This real-time data empowers market participants with timely information, allowing for strategic decisions in the Lancaster property market.

Final Thoughts: The Interconnected Dynamics of the National, Regional and Local Lancaster Property Markets 

In summary, the £/sq.ft figures reveal the dynamic nature of the UK property market, offering essential insights for potential buyers, sellers and investors alike.

It underscores the importance of considering both macro and micro factors when looking at the property market. As the market continues to evolve, staying informed about these metrics will be crucial for making well-informed decisions in the ever-changing landscape of UK property. 

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Thanks for reading

Michelle