An East Lancashire town has been ranked as the cheapest place in the UK to buy a square foot of property, according to a new study.

Leading real estate company, Zoopla, has calculated exactly how much it will cost to buy one square foot of property in some parts of the UK.

The average cost of purchasing one square foot of property in the UK currently stands at £282, but rises to an eye-watering £1,491 in some places.

However, homeowners in Burnley can rejoice as the findings suggest it is the cheapest town in the UK for one square foot of property - coming in at just £123.

On the other end of the spectrum are Kensington and Chelsea, where one square foot of space costs an eye-watering £1,491 – more than twelve times the figure for Burnley. 

Zoopla also supplies some of data for other parts of Lancashire to see just how much it will cost to invest in one square foot of property in each of the areas.

In Blackburn, the average cost of purchasing one square foot of property in Blackburn currently stands at £143; significantly lower than the UK national average of £282

The floor space needed for a double bed in Blackburn currently costs £4,456 and Blackburn residents looking for a new home can expect to get 35 sq ft of floor space for every £5,000 they spend on property.

In Blackpool, the average cost of purchasing one square foot of property is slightly lower than Blackburn’s and it currently stands at £131 - £282 lower than the UK national average .

The floor space needed for a double bed in Blackpool currently costs £4,079 and Blackpool residents looking for a new home can expect to get 38 sq ft of floor space for every £5,000 they spend on property.

In Preston, the average cost of purchasing one square foot of property currently stands at £177.

Chorley is slightly higher than this and the average cost of purchasing one square foot of property in Chorley currently stands at £208; significantly lower than the UK national average of £282.

It is not only location that determines the cost for one square foot, but the type of property.

The data demonstrates that one bedroom flats, which are typically popular amongst those getting on the property ladder, come at a premium when it comes to cost per square foot.

UK-wide, the average cost per square foot for a one bedroom flat is £389. However, for a two bed house this falls significantly to £270 and to £262 for a three bed, which is currently the house size which offers the best overall value for space

Gráinne Gilmore , Head of Research, Zoopla, comments: “The research reveals the scale of difference when it comes to how much space you can get for your money in different parts of the country, showing that location really is a key driving force behind what a home is worth. 

“The type of property also has an impact on the cost of space, and given the market conditions since the start of the pandemic, and the ‘search for space’ among many buyers making a move, the value of houses has risen more than than value of flats - and as a result these types of home are commanding higher values per square foot. Those currently looking to sell a family house could be in pole position.”