Most expensive places to buy property in Britain revealed – and a square metre there costs 13 times more than in the cheapest
Figures reveal the stark gap in property value between London and the North-east
A single square metre of property in Kensington and Chelsea now costs almost £11,000, more than 13 times greater than prices in the cheapest area, a study has found.
The research highlights the vast gulf in house prices between the South-east and the rest of the country, with London boroughs making up the entire of the top 20 most expensive places in Britain.
It comes amid increasing concerns about the lack of new construction to meet demand in the housing market, and with prices booming across the south.
This week the Bank of England will also reveal June household borrowing figures, after its governor Mark Carney announced the first limits relative to income on the mortgage market for 30 years.
Today’ figures, based on Halifax’s house price database, unsurprisingly showed that the most expensive square metre on average was to be found in west London, at £10,854.
But they also showed that the area has continued to soar away from the cheapest area, Stanley in County Durham, where the average property comes at just £818 per square metre.
Second and third in the most-expensive list were Westminster and Hammersmith and Fulham, where the values were £8,925 and £7,804 per square metre respectively.
After Stanley, Pontypool in South Wales was named as the second least expensive town per square metre, with an average price of £902, followed by Wishaw in Scotland, with a typical price of £925.
And outside southern England, the most expensive town was named as Altrincham in Cheshire – known for its popularity among Premier League footballers, with properties there typically costing £2,227 per square metre. It was followed by Edinburgh, where the equivalent average price is £2,214.
Video: House prices continue to rise
The 10 areas recording the greatest growth in house price per square metre over the past five years were also all London boroughs.
Seeing the biggest increase was Lambeth, south of the river, where prices rose 61 per cent. Kensington and Chelsea was the second-biggest riser, with the already-high values going up 56 per cent.
Nationally, Halifax said house prices per square metre had risen by 13 per cent since 2009, going up to 34 per cent just for Greater London. By contrast, prices in the North and Scotland fell by 3 per cent and 5 per cent respectively.
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.”
Travel Shop
- 1 The Jimmy Savile abuse scandal means men across Britain will sleep uneasily, remembering past 'conquests'
- 2 One of the most Earth-like planets in the galaxy has been discovered 'a stone's throw away'
- 3 Robin Thicke mercilessly trolled after #AskThicke publicity stunt goes horribly wrong
- 4 Sleeping naked could be the secret to a happy relationship, survey finds
- 5 Death metal band to play until they run out of oxygen
-
Rolf Harris guilty: Victim wrote to the Queen to warn her as the presenter painted her portrait
-
One of the most Earth-like planets in the galaxy has been discovered 'a stone's throw away'
-
Israeli missing teenagers: Hamas warns 'gates of hell will open' as Israel bombs Gaza strip
-
Rolf Harris guilty: Veteran entertainer 'attacked a high-profile TV presenter during interview'
-
Robin Thicke mercilessly trolled after #AskThicke publicity stunt goes horribly wrong
-
UK edges closer to EU exit as David Cameron is crushed in bid to block Jean-Claude Juncker's leadership
-
Exclusive: Cameron’s empty threat to the EU - PM is losing the argument because even his allies in Europe do not believe him
-
European Court of Human Rights upholds French ban on full-face veils
-
Exclusive: BBC’s ‘race problem’ gets worse as more ethnic minority staff quit the corporation last year than joined
-
What is David Cameron playing at? His anti-EU stance is totally irresponsible
-
Omar Bakri Muhammad: Islamist leader seeks return to UK, after being banned in wake of 7/7 praise
Topman: Tips from top stylists
Shop London has teamed up with Topman. View the latest film clips shot at Topman Oxford Circus, plus your chance to win a £1,500 voucher.
Win a tailor-made trip to Graubünden, Switzerland’s No. 1 holiday destination
Discover Swiss alpine holidays – your way
Discover Another China
Join Simon Calder as he travels into the heart of the People's Republic
48 Hours in: Hong Kong with Simon Calder
Watch Simon uncover the fascinating Chinese city-state
All the fun of the fair with Così fan tutte!
Summer is finally here as English National Opera's new production of Mozart's Così fan tutte transports you to 1950's Coney Island.
Park life
From the have-to-have Hawaiian shirt to the perfect printed shorts Shop London teams up with Specsavers for summer style.
Get the look. See the trends.
Westfield and Snapfashion team up to create a new digital styling tool. Create a style board or browse this season's trends. #editme.
Get £5 free bet with 888sport
Get a £5 free bet every time your team scores in Brazil!
Dress like a headliner
Whether you're headed for a field in Somerset or the lawns of Hyde Park, everyone can dress like a headliner this festival season.
What a credit check offers to UK customers
What can a credit check offer UK customers? A ticket out of debtor’s hell and, quite possibly, a financially secure future.
Enter the latest Independent competitions
Win anything from gadgets to five-star holidays on our competitions and offers page.
Business videos from commercial thought leaders
Watch the best in the business world give their insights into the world of business.
Independent Dating
iJobs General
PHP Web developer - Hitchin - £40K - £45K + benefits
£40000 - £45000 per annum: Deerfoot IT Resources Limited: PHP Web developer - ...
Senior C# .NET Javascript HTML CSS Algorithms Developer (Progra
£55000 - £65000 per annum + Benefits: Harrington Starr: Senior C# .NET Javascr...
BI Development & Support Analyst (SQL, SSIS, SSRS)
£55000 - £65000 per annum + Benefits + Bonus: Harrington Starr: BI Development...
Associate CXL Consultant
£40000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: CXL, Triple Po...