The average house price across Britain could buy a large five-bedroom property in some parts of Scotland, Wales and northern England typically, or a studio flat in central London, analysis suggests.

Property firm Savills looked at how far the average house price of £340,837 could typically go in different nations and regions.

It made the calculations by looking at how much space, in square feet, the average house price could typically buy across Britain.

While the average house price could buy a medium-size one bedroom flat in London typically, in some parts of central London – Kensington, the City of London and Westminster, and Chelsea and Fulham – it would only stretch to a studio apartment, researchers found.

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 Cook, Savills

Home-buyers seeking more bang for their buck in commuter belt areas outside London may find that their money still does not stretch very far.

The average house price across Britain would only typically buy a one-bedroom flat in places such as St Albans in Hertfordshire, as well as Esher and Walton, and Mole Valley in Surrey, Savills found.

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 Co Durham, Rhondda in South Wales, Na h-Eileanan an Iar in the Outer Hebrides, Scotland, Middlesbrough in North Yorkshire and Liverpool, Walton, 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.

“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.”

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

Here is what the average house price of £340,837 could typically buy, according to Savills:

– North East, medium-size five-bedroom house

– Scotland, large four-bedroom house

– Wales, medium-size four-bedroom house

– Yorkshire and the Humber, medium-size four-bedroom house

– North West, medium-size four-bedroom house

– East Midlands, small four-bedroom house

– West Midlands, small four-bedroom house

– South West, small three-bedroom house

– East of England, small three-bedroom flat

– South East, medium-size two-bedroom house

– London, medium-size one-bedroom flat