30 June 2014
The super-rich living in exclusive but exorbitant Kensington and Chelsea pay more than £10,000 to own just one square metre of property, a study has found.
The borough of London, home to oligarchs and celebrities alike, was found by Halifax to be the most expensive place in the UK to buy a property per square metre.
Property in the borough is 12 times more expensive than the former colliery town of Stanley, in Durham, which at £818 per square metre had the lowest average price in the UK.
Lavish: Kensington is home to ‘billionaires row’ Kensington Palace Gardens, where house prices can top £100million
Homes in Kensington and Chelsea were found to have an average price of £10,854 per square metre, followed by Westminster and Hammersmith and Fulham, where the respective values were £8,925 and £7,804.
Co-op Bank lending arm withdraws mortgage deals to clear backlog amid spiralling application delays Eight in ten homes are unaffordable for working families – and just 86 homes in London are within reach Can you find a better deal? Mortgage tables
After Stanley, Pontypool in South Wales was named as the second least expensive town per square metre, with an average price of £902, followed by Wishaw in Scotland, with a typical price of £925.
Outside southern England, well-heeled Altrincham in Cheshire was named as the most expensive town, with properties there typically costing £2,227 per square metre, followed by Edinburgh where the average price on this basis is £2,214.
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.
Bargain: Stanley in Durham and Pontypridd in Wales (pictured) are the cheapest places to buy per square metre.
‘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.’
Regional differences: London and the South East continue to show the biggest price rises in the country
Latest official data from the Land Registry shows average house prices in Kensington and Chelsea are nearly £1.3million, with values up 14.5 per cent in 12 months.
It is the only area of the country to have property prices above £1million. But the area of the country which has seen the biggest price increases in the last year according to the data, is Waltham Forest, where values have grown by a huge 26.3 per cent.
Elsewhere in the Land Registry data, it shows the average house price in Durham, where Stanley is located, is just £80,000. It means you could buy 16 properties in the region for the same price as one average house in Kensington and Chelsea.
Read more: http://www.dailymail.co.uk/money/mortgageshome/article-2673966/The-exclusive-London-borough-property-costs-10-000-square-metre.html