The average cost of a square foot in Britain’s properties is currently £293, according to Churchill Home Insurance.

But buyers in the North East get more for their money, where the cost of a square foot is just £159 – the lowest in Britain and almost half the national average. This is followed by Wales (£169/ft2) and Yorkshire and the Humber (£189/ft2).

It’s no surprise that London is the most expensive region, where the average cost per square foot is a staggering £669. The capital also suffers from having the smallest properties (at 870ft2) with the lowest average number of bedrooms per property.

Prices by postcode

When Churchill broke down the data even further by postcode, it found that DL17 in Darlington, County Durham is the area buyers can get most for their money with an average cost of just £58/ft2.

TS1 in Middlesbrough is next costing £62/ft2 followed by DL4 in Shildon at £68/ft2.

The most expensive postcode is SW3 in Kensington and Chelsea where a square foot will set you back an eye watering £1,721/ft2. This is followed by SW7 in Westminster (£1,671/ft2) and W8 in Kensington and Chelsea (£1,578/ft2).

Rising prices

Over the past five years the cost of a square foot has increased by 28 per cent, or £63, with the average property costing £229 per ft2 in 2016.

Steven Williams, head of Churchill Home Insurance, said: “The past year has brought so many changes to our lives. One of the greatest changes is the freedom working from home offers those who normally commute from where they live, as time in an office becomes less important.

“It is understandable that value for money is at the top of considerations when it comes to influential factors whilst looking for a property, and it’s interesting to see which areas offer the greatest value.

“Our research allows people to see where opportunities to get more value are around the country.”