The average square footage price in the UK has risen by 23.6% since 2019, with The South West seeing the largest increase over the last four years, up by a massive 29.9%, new research from TwentyEA reveals.

The East Midlands has seen the second highest hike in average square footage prices since 2019, with prices up by 29.1%, followed by Wales with 28.1% increases.

There is a huge disparity in how much space home-movers’ money can buy for their money, with price per square footage variances between the North East and London being the largest, where London is over six times more expensive.

The average cost for one square foot of property in the UK is currently £331, but in inner London the figure rises to £724. Outside the capital, there are large regional variances, with one square foot of space in Wales costing £226, while in Scotland the figure is £200.

Source: TwentyEA

Katy Billany, executive director of TwentyEA, commented: “The North East is the cheapest region in the UK for one square foot of property – coming in at just £170.

“The research reveals the scale of difference when it comes to how much space you can get for your money in different parts of the country, showing that location is a major factor in property prices.”