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Option Homes Ltd - News- Huge Increase in Capital

Huge Increase in Capital`s Property Prices Over Last 20 Years

Date Added 25/06/2016

A new report published by UK lender Halifax has revealed property prices have risen by 432% in Greater London per square metre over the past twenty years, which is a huge difference to the national average increase of just 251% over the same time.

National Average Price Per Square Metre

The national average price per square metre these days is £2,216, though it is not just the capital of the country that commands significantly above this price. There are also areas outside of the capital and southern England which fetch a much higher property price per square metre such as Edinburgh in Scotland, Altrincham in the North West, Solihull and Leamington Spa in the West Midlands as well as Harrogate in Yorkshire.

The report by Halifax notes that over the past two decades, the gaps between property prices per square metre have been widening between the rest of Britain and its capital, with the substantial difference increasing even more since 2011.

The UK`s Most Expensive Areas

The title of most expensive place to live per square metre goes to the London borough of Kensington and Chelsea, which has an astonishing per square metre price of £11,321. That is more than five times the national average, and that is also factoring a drop of 1% since last year.

The research by the Halifax, who also publish the UK`s longest running monthly house price index, also reveals that Westminster joins Kensington and Chelsea in the distinction of being the only place with an average price per square metre topping the £10,000 mark, with the West London borough having an average property price of £10,552 per square metre. Camden came in third with an average price of £9,012, with a further seventeen Greater London boroughs also having an average price of over £5,000 per square metre.

Why Halifax is Using a ‘Per Square Metre` Price

The Mortgages Director at the Halifax, Chris Gowland, said:

`House price per square metre can be a useful comparison measure as it helps to adjust for differences in the size and type of properties between locations. We have seen the average price per square metre increase by 251% over the past 20 years from £631 in 1996 to £2,216 in 2016, although this national figure does conceal considerable regional differences,` he pointed out. 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% over this period in Greater London, more than twice the increase in areas outside of southern England. The consistent gap between southern England, led by London, and the rest of the country over the past two decades is a trend that has embedded itself throughout the last five years.`
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