New data from UK mortgage lender, Halifax, reveals that currently 9 out of the top 10 UK property hotspots are in the South of England.
The mortgage lender analysed data from across the UK and compared the findings with the actual size of property (in square metres) to find the best performing places in the country.
The borough of Westminster in central London is the most expensive area per square metre for property investment, however, it is also the most cramped. Properties in this London borough can cost an average of £7,586 (GBP) per square metre and on average are also the smallest in the UK at approximately 71 m2.
The Halifax data also found that St Albans was the next most expensive area, although property costs are significantly less at an average of £3,227 (GBP) per square metre. However, this is still almost double the national average of £1,668 (GBP).
Martin Ellis, Housing Economist at Halifax, said: “House price per square metre is a useful measure for house price comparison because it helps to adjust for differences in the size and type of properties between locations. Westminster has the most expensive prices in the UK on a price per square metre. Interestingly, it also has the smallest average property size in the country. Not only has Westminster got one of the highest population densities per square kilometre among UK cities, but it also has a large proportion of properties that are flats”.
Edinburgh is the only UK city in the top 10 that is outside of the South of England, with Oxford, Winchester, Chichester and Cambridge all above it as among the most expensive areas.
York was named as the most expensive city in the North of England at £1,830 (GBP) per square metre.
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