An increase of 251% in 20 years, with London even higher
The average cost of 1 square foot for a property is now £2216 and increase of 251% from £631 20 years ago in 1996. However the London Borough of Kensington and Chelsea is top of the charts at £11,321 sq ft even with a price drop of 1% in the last 12 months.
Nowhere in Britain is lower than £1000 sq mt but Airdrie in Scotland had the lowest average price at £1,019 according to Halifax.
Chris Gowland, mortgages director at Halifax, said: ‘We have seen the average price per square metre increase by 251 per cent over the past 20 years from £631 in 1996 to £2,216 in 2016, although this national figure does conceal considerable regional differences.
‘In particular, there has been a marked widening in the North/South property divide over the past two decades as prices per square metre have risen by 432 per cent over this period in Greater London – more than twice the increase in areas outside of southern England.
TEN MOST EXPENSIVE TOWNS PER SQUARE METRE/FOOT IN BRITAIN
|Town/ Borough||£ sq ft 2016||£ sq M 2016||Price of bedroom 3.5x3m|
|Kensington and Chelsea Greater London||1,052||11,321||118,874|
|Westminster Greater London||980||10,552||110,800|
|Camden Greater London||837||9,012||94,626|
|Hammersmith and Fulham Greater London||802||8,635||90,666|
|Islington Greater London||740||7,964||83,621|
|Wandsworth Greater London||647||6,959||73,074|
|Hackney Greater London||637||6,860||72,029|
|Southwark Greater London||602||6,484||68,083|
|Richmond upon Thames Greater London||599||6,446||67,684|
|Tower Hamlets Greater London||598||6,432||67,541|