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Recent house price information from Halifax has shown where the most expensive, and cheapest, places to live are in the UK. It may be no surprise to you that London has the most expensive properties, however, it may surprise you to find out that you could pay 13 times more for a square metre in Kensington and Chelsea than you would in Stanley in the North of England!
In fact the top 10 most expensive property prices are all in Greater London and there are 11 boroughs where you would spend over £5000 per square metre for a property. The most expensive, as mentioned previously, is Kensington and Chelsea where you would be looking at spending £10,854 for every square metre of your chosen property and the average London house price is a massive £857,225!
The Top 10 Most Expensive Locations (price per square metre):
1. Kensington and Chelsea (Greater London) £10,854
2. Westminster (Greater London) £8,925
3. Hammersmith and Fulham (Greater London) £7,804
4. Camden (Greater London) £7,794
5. Islington (Greater London) £6,868
6. Wandsworth (Greater London) £5,971
7. Hackney (Greater London) £5,418
8. Richmond upon Thames (Greater London) £5,391
9. Southwark (Greater London) £5,111
10. Lambeth (Greater London) £5,108
At the other end of the scale, the cheapest 10 places to buy a property are in the North of England, Wales and Scotland with Scotland holding five positions in the top 10. For a property in the cheapest area, Stanley in North England, you would pay just £818 per square metre which is 13 times less than the Kensington and Chelsea price! To put this further into perspective, for £750,000 you could buy a 6 bedroom farmhouse in Stanley or a one bedroom flat in Kensington and Chelsea!
The Top 10 Cheapest Towns (price per square metre):
1. Stanley (North England) £818
2. Pontypool (Wales) £902
3. Wishaw (Scotland) £925
4. Accrington (North West England) £935
5. Llanelli (Wales) £947
6. Lanark (Scotland) £957
7. Blyth (North England) £967
8. Greenock (Scotland) £976
9. Airdrie (Scotland) £982
10. Kilmarnock (Scotland) £986
London boroughs have seen the fastest increasing property prices in the UK over the past 5 years with properties in the borough of Lambeth increasing by 61%. This is way higher than the UK’s average increase of 13%. In contrast, the North of England and Scotland have seen the price of property per square metre fall in the last five years by up to 5%.
By Sasha Davison
30th June 2014
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