One square metre of property in London borough of Kensington and Chelsea costs £10,845, 13 times than of cheapest place in Britain
- One sq m of property in Kensington and Chelsea costs nearly £11,000
- Top 20 most expensive areas all London boroughs
- Top 48 locations all in London and the South East
- Price in most expensive area is 13 times that of the cheapest area
London and the South East are the most expensive areas for property in the UK, according to new research from Halifax.
The cost of property on a square metre basis was used for the study, with London boroughs seeing sharp increases during the past five years.
However, property in Altrincham, Edinburgh, Solihull and Leamington Spa were also expensive on a sq m basis.
Kensington and Chelsea is Britain’s most expensive area, with an average price of £10,854 per sq m, while 11 London boroughs have an average price in excess of £5,000 per sq m.
The top 20 most expensive areas are all London boroughs and the top 48 are all within London and the South East.
That compares with Stanley in County Durham were the lowest average price of £818 per sq m was recorded – meaning the average price per sq m in Kensington and Chelsea is 13 times that of Stanley.
Lambeth recorded the highest price increase in the past five years, rising by 61% while prices in Kensington and Chelsea rose by 56% – the second highest increase recorded.
Prices are hugely influential when property investors are considering locations to invest in, as they will look for places where good quality returns are on offer.