Further north, County Durham offers five-bedroom semi-detached homes at an average of £367,424, while in Liverpool a five-bedroom terraced house averages £356,357. In Kirklees, buyers can access a five-bedroom terraced property for £359,308, and in East Riding of Yorkshire the equivalent averages £337,642.
Where money goes furthest
Area
Region
What £378,000 buys you
Average asking price (May 26)
North Lanarkshire
Scotland
5-bed detached house
£376,052
County Durham
North East
5-bed semi-detached house
£367,424
Nottingham
East Midlands
5-bed semi-detached house
£370,786
Charnwood
East Midlands
5-bed semi-detached house
£377,605
East Riding of Yorkshire
Yorkshire and The Humber
5-bed terraced house
£337,642
Liverpool
North West
5-bed terraced house
£356,357
Kirklees
Yorkshire and The Humber
5-bed terraced house
£359,308
South Tyneside
North East
4-bed detached house
£378,048
Leicester
East Midlands
4-bed semi-detached house
£377,173
Worcester
West Midlands
4-bed semi-detached house
£377,175
Source: Rightmove
At the other end of the scale, buyers in parts of London and the South East face a markedly different market. In Tower Hamlets, the average asking price of a studio flat is £357,556; in Hackney, the same property type averages £341,021. In Richmond upon Thames, a one-bedroom flat carries an average asking price of £362,322, while in Haringey the equivalent averages £345,677.
Where money stretches the least
Area
Region
What £378,000 buys you
Average asking price (May 26)
Tower Hamlets
London
Studio
£357,556
Lambeth
London
Studio
£347,980
Hackney
London
Studio
£341,021
Southwark
London
Studio
£327,746
Camden
London
Studio
£324,470
Wandsworth
London
Studio
£322,928
Islington
London
Studio
£302,859
Hammersmith and Fulham
London
Studio
£273,512
Richmond upon Thames
London
1-bed flat
£362,322
Haringey
London
1-bed flat
£345,677
Source: Rightmove
“Buyers are weighing up value more carefully in the current market, and this analysis shows just how much variation there can be in what the same budget buys in different parts of Britain,” said Colleen Babcock (pictured right), property expert at Rightmove. “For some movers, the price of an average home could mean a flat in a more expensive city market, while in other areas it could stretch to a much larger family home.
“With the number of homes for sale at historically high levels for this time of year, homes that feel well-priced for their size, location and condition are more likely to stand out. Affordability remains a key driver of buyer behaviour, and many movers are taking the time to compare what they can get for their budget before making a decision.”
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