BOURNEMOUTH’s booming property prices have seen the average cost of a square meter of property in the city and surrounding areas soar to £ 348, according to the latest figures.
New data from Zoopla shows property prices per square foot in Bournemouth are 23% above the UK national average, which currently stands at £ 282 per square foot.
The data looked at house prices in Bournemouth and Poole and found that in Bournemouth the average cost of a property per square meter is £ 340. However, in Poole the price goes up to £ 356 per square foot.
Although Poole’s prices are the highest in the entire local authority area, they still have a way to go before they match costs in London, where the figure stands at £ 562 per square foot.
Outside of London, Wales a square meter of space costs £ 199, in Scotland it is £ 160 and in the North East it costs just £ 157. Burnley is the cheapest town in the UK for a square foot of property – for just £ 123.
In Poole, every £ 5,000 spent on a property will buy 14 square feet of floor space while in Bournemouth property hunters get slightly more for their money, with £ 5,000 buying them 15 square feet of floor space. ground. Figures in the Bournemouth area are lower than the UK national average of 18 square feet for £ 5,000.
Julian Hewlett, Sales Manager at Bournemouth Lovett International property agency, said: “The Bournemouth property market continues to strengthen and over the last few months we have seen demand start to really outstrip supply.
“The increased demand for properties in Bournemouth and Poole is undoubtedly driving up the cost per square foot of homes and there has never been a better time for sellers to list their property and prepare for their next big move. ”
The square footage price data comes just after the latest Zoopla House Price Index, which found in July that the average price of a house in the Bournemouth area now stands at £ 307,400.
This is an increase of 5.8% from summer 2020 and a cumulative increase over five years of 17.9%.
Gráinne Gilmore, head of research at Zoopla, said: “Nationally, we are also seeing that the type of property has an impact on the cost of space. The pandemic has spiked many residents across the UK looking for more space, meaning home values are rising faster than apartments. As a result, homes show higher values per square foot. Bournemouth residents who are considering selling a family home will really be in pole position.