Study: Westminster has costliest property price per sq m

by Sarah Ashcroft

Landlords looking to add to their property portfolio with cost-effective purchases are best off focusing on the northern housing market.

That is if the findings of new research by Halifax are anything to go by, as this study has revealed that nine out of the top ten cities in the UK in terms of average property price per square metre are located in the south of England.

According to the 2012 House Price Per Square Metre Survey by the building society, Westminster leads the way in terms of expense, with each square metre in residential properties in the central London borough being worth some £7.586.

This is around 450 per cent higher than the nationwide average of £1,688, as well as being more than twice the price of Britain's next most expensive city of St Albans, where each square metre will set buyers back some £3,227.

In third position behind Westminster and St Albans is Oxford (£2,821 per sq m) with Winchester (£2,813), Chichester (£2,638) and Cambridge (£2,634) completing the top five.

The only urban area outside of southern England to feature in the top ten is Edinburgh, where each square metre is sold for an average of £2,125.

By contrast, the costliest city in the north of England is York (£1,830 per sq m), with Chester (£1,636) following closely behind.

At the opposite end of the scale, the Northern Irish conurbations of Londonderry (£817 per sq m) and Lisburn (£945 per sq m) are the UK's cheapest areas, with Hull, Bradford and Swansea making up the rest of the least expensive top five.

Martin Ellis, housing economist at Halifax, commented: "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."

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Published on: October 17, 2012

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