Buy a home in Kensington or Chelsea for just £10,854…per square metre

30th June 2014

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Kensington and Chelsea are the UK’s most expensive areas to buy in the UK with the average price now at £857,225 or an eye-watering £10,854 per square metre – more than 13 times the cheapest region.

According to new research from Halifax, unsurprisingly, the top 20 most expensive areas in Britain are all London boroughs, of which 11 now have an average price in excess of £5,000 per square metre (m²).

There are however pockets outside Southern England where property fetches a high price per m². For its part Altrincham tops the tables as the most expensive town on a per m² basis outside southern England with an average price of £2,227. This is followed by Edinburgh, at £2,214, Solihull with £2,189 and Leamington Spa in the West Midlands at £2,144 per m².

Least expensive

In stark contrast to London and the South East, Stanley in County Durham in the North has the lowest average price, at £818 per m².

All 10 of the towns with the lowest prices per square metre are outside the south of England and five are in Scotland, including Wishaw at £925, Lanark at £957, Greenock with £976, Airdrie at  £982 and Kilmarnock with £986.

Price appeciation

While Kensington and Chelsea maybe the most expensive areas to buy in the country, they are only second in house price growth terms. Over the past five years Lambeth recorded the greatest hike in property prices, where costs surged by a massive 61% against Kensington and Chelsea’s, still significant, 56%

Nationally, house prices per square metre have risen by 13% since 2009. Greater London has experienced significantly faster growth, at 34%, than elsewhere with South East which notched up a 13% rise. In contrast, the North is down 3% and Scotland’s prices have dropped by 5% per square metre since 2009.

Craig McKinlay, mortgages director, Halifax, says: “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.”

 

Table 1: Ten Most Expensive towns per Square Metre in Great Britain

 

Town/ Borough Region Price per M2 (£) 2014
Kensington and Chelsea Greater London 10,854
Westminster Greater London 8,925
Hammersmith and Fulham Greater London 7,804
Camden Greater London 7,794
Islington Greater London 6,868
Wandsworth Greater London 5,971
Hackney Greater London 5,418
Richmond upon Thames Greater London 5,391
Southwark Greater London 5,111
Lambeth Greater London 5,108

 

Table 2: Ten Most Expensive towns per Square Metre outside Southern England

 

Town Region Price per M2 (£) 2014
Altrincham North West 2,227
Edinburgh Scotland 2,214
Solihull West Midlands 2,189
Leamington Spa West Midlands 2,144
Aberdeen Scotland 2,125
Harrogate Yorkshire and the Humber 2,077
York Yorkshire and the Humber 1,908
Sutton Coldfield West Midlands 1,857
Macclesfield North West 1,783
Worcester West Midlands 1,770

 

Table 3: Ten Least Expensive towns per Square Metre in Great Britain

 

Town Region Price per M2 (£) 2014
Stanley North 818
Pontypool Wales 902
Wishaw Scotland 925
Accrington North West 935
Llanelli Wales 947
Lanark Scotland 957
Blyth North 967
Greenock Scotland 976
Airdrie Scotland 982
Kilmarnock Scotland 986

 

Table 4: Biggest Price Increases per Square Metre (%), 2009-2014

Town/Borough Region Average House Price 2014 £ Price per M2 (£) 5 Year % 5  Year £
2009 2014
Lambeth Greater London 432,100 3,180 5,108 61% £1,928
Kensington and Chelsea Greater London 857,225 6,977 10,854 56% £3,877
Lewisham Greater London 314,859 2,442 3,747 53% £1,305
Haringey Greater London 418,058 3,122 4,756 52% £1,634
Hammersmith and Fulham Greater London 691,449 5,123 7,804 52% £2,681
Hackney Greater London 434,299 3,574 5,418 52% £1,845
Camden Greater London 683,222 5,219 7,794 49% £2,574
Islington Greater London 574,707 4,624 6,868 49% £2,243
Southwark Greater London 415,714 3,448 5,111 48% £1,663
Westminster Greater London 664,217 6,095 8,925 46% £2,830

Source: Halifax; 12 months to May

 

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