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.

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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