UK house prices have increased by 117 per cent in the last 40 years, from an average price of £18,337 in 1980 to £247,898 in 2020, but the reasons for the price increase do not lie solely with inflation, as demand for homes and buyers willing to pay more for their dream homes has played a significant role.
However, despite the huge growth in house prices, new research from ElectricalDirect has shown that the amount of house you get for your money has been shrinking, according to Property Reporter.
In 1980, the average house in the UK has around 75 square metres of space, but in 2020, this has dropped to around 67 square metres, an average decrease of -18.61 per cent. At that rate, by 2060, a house as small as 53 square metres would cost around £422,723.
Southend-on-Sea, a popular commuter city for London workers, has experienced the most drastic increase, adapting to the notoriously high London prices, as has Bristol, both with an increase of 68 per cent, bringing the average house price to over £280,000.
As for house sizes, Southend reported a decrease in size of one per cent, and Bristol by two per cent.
However, the research also showed where in the UK house sizes have increased.
Between 2011 and 2018, the average size of a property in Cambridge has increased by ten per cent, but the city has also experienced a 57 per cent increase in house prices.
In the North West, there is better news, with the seaside town of Blackpool boasting a three per cent increase in house sizes, and a model 29 per cent increase in prices, with predictions that the average house in the Lancashire town will be £138,680 by 2025.
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