One square metre of space in a London residential property now costs on average, say official figures.
Research conducted by the Office for National Statistics (ONS) has revealed that London remains the most expensive area in the UK to purchase property – with 19 of the top 20 costliest areas in England and Wales all standing within the city.
Selling for per square metre, the London borough of Kensington and Chelsea was the priciest location featured in the ONS data, followed by the City of London and the City of Westminster, where prices reached and respectively.
Encompassing the popular commuter towns of Weybridge and Esher, Elmbridge in Surrey was the only location outside of London to feature in the top 20.
Standing significantly higher than the average price per square metre across England and Wales – – the ONS said that the data pointed towards ‘a clear north-south divide, both in levels but also in growth terms.’
The report found that the cost of space in London increased by 98% between 2004 and 2016, while the East and the South East of England both rose by 55%.
However, over the same period, the increase in the North East was just 19% and 35% in the North West.
Offering a cost per square metre of just the borough of Blaenau Gwent in Wales was the cheapest location to buy property, according to the ONS.
Barnsley, in Yorkshire, offered the second-best value for money, with a price per sqm of followed by the Welsh town of Merthyr Tydfil at