Right, before I start I'm no expert! but this is what i've picked up from a few articles: water pipes seem to be preferred in terms of efficiency and durability but for one small room a simple electric system is probably cheaper, quicker and easier to install.
Pipework (under screed) can be expensive in terms of labour 12 x 12 room including materials can be about £600 - £800 , Electric 'Mats' would be the cheaper option at about £400 including labour ish for the same floor space, hope this helps
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