The London borough of Kensington and Chelsea was unsurprisingly found to be Britain’s most expensive place to buy a property on a ‘per square metre’ basis.
It would cost a buyer over £10,000 just to own one square metre of a property in the aforementioned area, according to research from Halifax. In contrast, Stanley in County Durham costs just £818 per square metre, making it the cheapest average area on this measure.
Westminister and Hammersmith and Fulham were also extremely expensive, with prices reaching £8,925 and £7,804 per square metre. Pontypool in Wales and Wishaw in Scotland were lowly priced, at £902 and £925 respectively. Whilst southern England was on average the priciest area, Altrincham in Cheshire would set a buyer back an impressive £2,227 per square metre, whilst Edinburgh has an average price on the same basis of £2,214.
Craig McKinlay, mortgages director at Halifax, said: ‘House price per square metre is a useful measure for house price comparison because it helps to adjust for differences in the size and type of properties between locations. While there are areas in central London that are more expensive than anywhere else in the country, there are notable pockets outside the South East where property also has a high price per square metre. Many of those areas experiencing the strongest increases over the past few years are those with the highest price per square metre.’