An analysis recently taken by Halifax measuring the rise of property values per square metre has revealed one location has risen 773% in the past two decades and it is not in the prime central location of London.
It is no secret that Kensington and Chelsea is Britain’s most expensive area with prices averaging £11,635 psm and this is almost six times the national average of £2,033 says Halifax.
The borough of Chelsea and Kensington is the only area to have an average price above £10,000 psm with Westminster coming close at £9,751 psm. There are sixteen other areas all in greater London that have an average price exceeding £5,000 psm, which is an increase of up to four times more than last year.
Altrincham in Cheshire is the most expensive town with an average price of £2,446 psm, this is followed by a collection of towns in the West Midlands such as Solihull (£2,367), Leamington Spa (£2,353) and Warwick (£2,363). The Scottish cities Edinburgh (£2,297) and Aberdeen (£2,281) are the next most expensive areas outside the South East.
There are five towns whose average prices are below £1,000 psm, which is less than the average for the whole of Great Britain.
Aberdare in south Wales has the lowest average price, at £910, which is less than a tenth of the average price psm in the Kensington & Chelsea borough.
It won’t be a surprise to hear that all 10 of the towns with the lowest prices psm are outside of South. Four are in Scotland – Wishaw (£926), Airdrie (£998), Greenock (£1,004) and Coatbridge (£1,004). Three are in Wales – Merthyr Tydfil (£967) and Neath (£1,005).
The three English towns with the lowest home prices on a per square metre basis are Accrington (£990), Scunthorpe (£1,022) and Blackpool (£1,052).
The average price psm across Britain has increased by 227% over the past 20 years from £621 in 1995 to £2,033 in 2015.
Halifax records a marked widening in the north / south property divide since 1995. Prices per square metre have risen by 388% over the last 20 years in Greater London, more than double the increases in northern England, Scotland, Wales and the Midlands.
The 10 areas that have seen the biggest increases in price psm over the last 20 years are in London and Hackney has seen the largest rise where the price psm has increased 773%, twice the London average.