Revealed: What London property buyers are paying for a square metre

Pricey: The cost of a square metre in Kensington and Chelsea is £11,321 on average
Jamie Bullen20 May 2016

Property buyers are shelling out more than £11,000 for just a square metre in one of London’s most exclusive areas, figures reveal.

A study of the most expensive floorspace in Britain has become the latest research to illustrate spiralling property prices in the capital.

Unsurprisingly, upmarket Kensington and Chelsea tops the list of priciest areas at £11,321 per square metre on average.

It equates to £120,000 for a 3m by 3.5m double bedroom compared to a national average of £23,268 for such a room.

Research from Halifax shows Westminster is the next most expensive area for floorspace at £10,552 per sq m followed by Camden, Hammersmith and Fulham and Islington.

The cost of floorspace per square metre

Kensington and Chelsea - £11,321

Westminster - £10,552

Camden - £9,012

Hammersmith and Fulham - £8,635

Islington - £7,964

Wandsworth - £6,959

Hackney - £6,860

Southwark - £6,484

Richmond - £6,446

Tower Hamlets - £6,432

The average cost per square metre is higher than £5,000 in 17 London boroughs.

Property prices per square metre have risen by 432 per cent in London against a national average increase of 251 per cent over the past two decades, the study claimed.

But some areas has risen faster than others such as Hackney which has seen the largest rise since 1996 with an increase of 821 per cent.

Halifax mortgages director Chris Gowland said house price per square metre can be a useful comparison measure to adjust for differences in the size and type of properties between areas.

He said: “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.

"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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