Which borough has house prices of £11K per square metre?
House prices as measured by the average cost per square metre have risen a whopping 753% in the London Borough of Hackney since 1997 to £6,942.
That’s an eight-fold increase over 20 years, according to research from Halifax.
And yet it still comes in cheaper than the Royal Borough of Kensington and Chelsea, where prices are £11,192 per square metre – nearly five times the national average.
Outside of southern England, just nine areas have prices above the national average of £2,260, with Altrincham the most expensive per square metre at £2,834.
Least expensive homes
The research found that only two towns in Great Britain have an average price below £1,000 per m2.
Port Talbot in Wales is the least expensive town with an average price of £983 per m2,
followed by Nelson in the North West (£998).
Six of the 10 towns with the lowest prices per square metre are outside England, with four in Wales and two in Scotland.
Russell Galley, managing director of Halifax, said: “House price per square metre can be a
useful measure for house price comparison as it helps to adjust for differences in the size and type of properties between locations.
“Unsurprisingly, there are parts of central London that are substantially more expensive than anywhere else in the country. However, we can see a number of notable pockets emerging outside the South of England, particularly in the West Midlands and North West.”
But he admitted: “Over the last 20 years the gap between southern England, particularly London, and the rest of the country has increased substantially – a trend that has continued during the last five years.”