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London property costs spiral

Adam Williams
Written By:
Adam Williams
Posted:
Updated:
22/06/2015

Properties in the London borough of Kensington and Chelsea can command as much as £11,635 per 1m² as costs continue to spiral.

Research by Halifax said prices in that London borough were more than six times as expensive as the national average of £2,033.

Kensington and Chelsea was the only area of the country with prices above £10,000 per square metre.

Next most expensive was Westminster where prices were £9,571 per square meter. London boroughs occupied the top 16 spots in the chart.

Outside of the capital and southern England, the next most expensive area was Altrincham in Cheshire, where the average price was £2,446 per 1m².

Other expensive areas were in the West Midlands including Solihull, Warwick and Leamington Spa.

The Scottish cities of Edinburgh and Aberdeen were the most expensive areas outside of England.

At the other end of scale, Aberdare in south Wales had the lowest average price, (£910 per m²) – less than one-tenth of the average in Kensington and Chelsea.

Four of the 10 towns with the lowest average price were in Scotland; Wishaw (£926), Airdrie (£998), Greenock (£1,004) and Coatbridge (£1,004). A further three Welsh towns featured; Merthyr Tydfil (£967) and Neath (£1,005). In England the three towns with the lowest prices were Accrington (£990), Scunthorpe (£1,022) and Blackpool (£1,052).

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.

“Parts of central London are substantially more expensive than anywhere else in the country. Nonetheless, there are a number of notable pockets outside the south of England where property prices are also high price per square metre. There has been a clear widening in the gap between southern England, particularly London, and the rest of the country over the past 20 years – a trend that has continued during the last five years.”


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