How far the average house price of £340,000 can stretch across Britain

It is no secret that house prices vary drastically up and down the country, making properties much more affordable in some areas than others. According to the latest Land Registry data, the average house price across Britain currently stands at £340,837.

Property firm Savills has looked at how far the average cost of a home could typically stretch in different nations and regions. While the average house price could buy as much as a large five-bed property in some parts of Scotland, Wales and northern England, those looking to buy in London might only be able to afford a medium-size one bedroom flat.

In some parts of central London such as Kensington, the City of London, Westminster, and Chelsea and Fulham, it would only stretch to a studio apartment, Savills' research found. House hunters seeking more bang for their buck in commuter belt areas outside of London may also find that their money still does not go very far.

READ MORE: First look inside Manchester’s brand new 40-storey apartment tower with luxury pool, gym and cinema

At the other end of the spectrum, buyers could use the same amount of money to buy a large five-bedroom property in places such as Easington in County Durham, Rhondda in South Wales, Na h-Eileanan an Iar in the Outer Hebrides, Scotland, Middlesbrough in North Yorkshire and Liverpool in Merseyside.

Lucian Cook, head of residential research at Savills said: "Exactly what an average just shy of £341,000 can allow you to purchase varies dramatically across Great Britain, from a small studio flat in central London to a large four or five bedroom house in parts of north-east England.

"This has significant implications for who can buy where and, in turn, the pressures on different types and tenures of housing in different locations. It also dictates how far households have to stretch themselves financially to meet their housing aspirations in the place they would like to call home.

"The resulting trade-off between space and location dictates how far we commute, how we spend our free time, the environment in which we raise our families and the quality of life we enjoy in our retirement."

Lucian concluded: "It's what makes the housing market so fascinating. But it also has implications for labour and social mobility, which is why housing and the building of new homes remains so important from both a political and economic perspective."

Using Savills' research, the M.E.N has taken a look at what is on the market at the moment to see what the average house price of £340,837 could typically buy you across Britain:

East Midlands

According to Savills, you can buy a four-bedroom house for the average house price in the East Midlands. Currently up for grabs is this semi-detached home in Northampton which has been put on the market for £340,000.

The versatile 'split level' home sits in the highly sought after area of Kingsthorpe. On the ground floor it has a large covered entrance porch, a home office, and an entrance hall providing access to all four bedrooms and one bathroom.

A staircase leads down to the lower floor level where there is a spacious open-plan living and kitchen area. The house benefits from having off-road parking to the front, a storage area and a sizeable rear garden with a large patio area ideal for outside entertaining. The owner also has architect plans drawn up for a loft conversion which are available for inspection.

East of England

In the East of England, £340,000 can buy you a three-bed detached house, such as this one for sale in Norwich, Norfolk. This spacious property is said to be in 'immaculate condition' having been well maintained by the current owners - meaning little to no renovation work is required.

On the ground floor it has a sitting room, kitchen diner, separate utility room and conservatory, whilst upstairs there are three spacious bedrooms with a en-suite off the master bedrooms, as well as the family bathroom.

To the rear, the garden is fully enclosed creating a private retreat, and there is access to a single garage and two patio areas.

London

It is no surprise that in London, the average house price will only stretch as far as a medium-size one-bedroom flat. Currently on the market for £340,000 is this one-bed flat for sale in Lambarde Square in Greenwich.

Being sold in 'excellent condition' and featuring an urban balcony view, the property boasts a spacious entrance hall with storage, a modern open-plan kitchen and lounge, a balcony, a double bedroom and a bathroom with an over-bath shower.

The area of Greenwich has an array of shops, riverside pubs, trendy bars, cafes, and restaurants, as well as the famous Greenwich Market, Cutty Sark, and the beautiful Greenwich Park with the Royal Observatory.

North East

You can buy as much as a medium-size five-bedroom house for the average house price of £340,000 in the North East region, according to Savills. Having looked at what is available, this detached house in Stockton-On-Tees in County Durham is up for grabs.

It has a large amount of living space on the ground floor, with an extended hallway, cloakroom, living room, a 26ft open-plan kitchen dining area, home office and a large rear family room. Upstairs are five generous sized bedrooms, including a master with an en-suite and fitted wardrobes, as well as a four-piece family bathroom.

It also boasts parking with an extended front drive, as well as a landscaped rear garden. The estate agent adds: "This is certainly a home that can accommodate a larger family. Please take a moment to consider the floorplan for this property, to help illustrate how the significant extension works, and remodelling, has transformed the accommodation."

North West

Savills says that those looking to purchase a property in the North West can buy a medium-size four-bedroom house for the average house price of £340,000. Currently on the market is this four-bed detached house for sale in Sandbach, Cheshire.

This home sits in a desirable residential area in the rural suburbs of Sandbach market town. It has been designed for family living and has a modern interior and high spec fixtures and fittings throughout.

On the ground floor it has an entrance hallway, large living room, study, open plan kitchen diner, utility, and WC. Upstairs is the main bedroom with an en-suite, two double bedrooms, a single bedroom and a family bathroom.

Outside to the rear there is a large private garden with a grass lawn and patio area, and to the front is a large driveway with ample parking, as well as additional parking to the rear where the garage is.

Scotland

The average house price stretches far in Scotland, where you can buy a large four-bedroom house for the average house price. In Airdrie, a town in North Lanarkshire, this four-bed detached house has been listed for sale at £340,000.

It boasts a large open-plan family space with a lounge, sunroom, large kitchen and dining area, as well as a reception hall and utility room completing the ground floor. On the lower level there is a double bedroom, which is currently being used as a family room, and a modern downstairs wc.

On the upper level there are a further three double bedrooms and the master which has its own walk-in wardrobe and a stunning en-suite shower room. The family bathroom is also found on this floor with a separate shower cubicle and bath.

Outside, the property sits on a deceptively large plot with a driveway to the front, a garage at the rear and the garden with a lawn and patio area ideal for socialising.

South East

In the South East of England, £340,000 will buy you a small three-bedroom flat. Having looked at what is on sale in the region at the moment, you can purchase a property such as this maisonette in Hemel Hempstead, Hertfordshire.

Located in a popular residential area, the three-bed flat features include living space spread across two floors. There is a modern kitchen dining room and a lounge on the ground floor with stairs leading up to three double bedrooms and a family bathroom.

Outside it has a good sized rear garden with gated side access and communal parking. The property also benefits from being within walking distance of a wide range of local amenities, local schools and close to great transport links. It has been listed by estate agents as "an ideal first time purchase."

South West

Savills says that in the South West, the average house price will stretch to a small three-bedroom house. Currently on the market is this three-bed town house in Salisbury in Wiltshire priced at £340,000.

The terraced house sits in central Salisbury close to commuter links, shops, the market square and Cathedral. Spread across three floors, it has an entrance hall, kitchen, utility room, WC and an open-plan lounge and dining room on the ground floor.

On the first floor is a landing which leads to two double bedrooms and a shower room. The top floor hosts the third bedroom which has been converted in the loft.

Outside there is a rear garden with a patio seating area and steps leading up to a further seating area with artificial grass, garden shed and gate to the rear.

Wales

Buyers looking for a property in Wales can expect to find a medium-size four-bedroom house for the average house price of £340,000. Now up for sale at this price is a four-bed semi-detached home.

Listed as the 'perfect family home', it sits on a new-build site in the Ebbw Vale area which boasts beautiful landscaped walks, family pubs and restaurants and Ebbw Vale Parkway train station where there is an hourly passenger train link to Cardiff Central station.

The house is made up of an entrance hallway, ground floor WC, a cosy lounge, an open-plan kitchen dining area, three bedrooms on the first floor, one on the top floor, an en-suite and a family bathroom. There is a driveway at the front and a garden to the rear.

West Midlands

In the West Midlands, the average house price of £340,000 will stretch to a small four-bedroom house such as this one for sale in the Kings Heath area of Birmingham. The semi-detached has a porch, hallway, through lounge, kitchen and utility area, downstairs shower room, converted garage and a reception room with access to a lovely rear garden. Up on the first floor there are four bedrooms with bedroom one benefitting from an en-suite shower room, as well as a family bathroom.

The prime area of Kings Heath has good local amenities including coffee shops, cafes, bars, restaurants, shopping facilities, transport links into the city centre with added benefit of local parks nearby and good schooling.

Yorkshire and the Humber

Finally, in the Yorkshire and Humber region, you can buy a medium-size four-bedroom house for the average house price, says Savills. Having looked on the market, you can purchase this detached home for £340,000 in Bridlington, East Yorkshire.

The spacious home has a ground floor cloakroom, lounge, dining room, kitchen and utility room. Upstairs there are two bedrooms that come with an en-suite, as well as two further bedrooms and a dressing room.

To the front of the property is a good sized lawn area with a resin driveway that allows off street parking for several vehicles. To the back is an enclosed garden.

Savills used data from the Land Registry, the Registers of Scotland and Zoopla for its research.