A square metre of property in one London borough is almost ten times more expensive than a square metre of property in a Welsh Valleys town
- Westminster is the most expensive place to live in the UK per square metre
- Aberdare in Wales will get you the most property for your money
- A slowdown in London has seen the rest of the country catching up on prices
Despite a slowdown in London’s property market, stark house price disparities remain across the country, according to research published today.
A square metre of property in Westminster costs nearly ten times as much as it does in the town of Aberdare in the valleys of South Wales, according to a report from Halifax.
The former mining town has the least expensive property in Britain, with a per square meter price at £969. That compares to the Westminster figure of £9,379.
Pricey: The cost of residential property is the most expensive in Westminster
Prices in Greater London are more than double the national average. Per square metre prices in greater London are £5,131 compared to £2,342 in the rest of the country.
All of the most expensive areas were in the capital.
However, a property price slump in London has allowed other parts of the country to catch up.
East Anglia was the region with the biggest price increase over the past year. Property prices there rose by 7 per cent reaching to £2,256 per square metre.
Burnley in the North West was the standout performer. Prices increased by 24 per cent in the Lancashire market town.
Going up: East Anglia saw a 7 per cent rise in property prices per square metre
Other northern towns and cities saw impressive growth such as Linlithgow in Scotland seeing a 16 per cent rise and the market town of Newton-Le-Willows, in St Helens, seeing an 18 per cent rise.
Russell Galley, managing director, Halifax, commented: ‘It is no surprise that Greater London is substantially more expensive than anywhere else in the country. Should recent trends persist, prices in the capital will continue to tread water whilst the rest of the country slowly plays catch up.’
‘While cheaper locations such as Scotland and Wales have started to increase more rapidly over the last 12 months, the prices per square metre in Scotland and Wales mean home buyers can get a lot of house for their money in these regions compared to Southern England.’