London property market emerged as the most expensive with average house prices of prime locations in the capital at £7,586 per square metre (10 sq ft), typically sized 71 square metres, making homes in Westminster the smallest on average in the UK, a new study revealed.
St Albans, in Hertfordshire, emerged as the second most expensive city, with homes setting buyers backing £3,227 per square metre, which is almost double the UK average of £1,668. Other expensive places include Oxford, Winchester, Chichester and Cambridge, while, York was named as the most expensive city per square metre in northern England, with house prices at £1,830 per square metre.
Londonderry, with a house price of £817 per square metre, was named as the UK’s least expensive city, followed by Lisburn, Hull, Bradford and Swansea. The largest average house size in the UK, at 153 square metres, was Armagh in Northern Ireland.
Properties in Ellon in Aberdeenshire have recorded the largest gain based on the average house price per square metre over the last decade, with a 169% increase to £2,022. Areas of Aberdeenshire such as Fraserburgh, Peterhead and Inverurie have also seen big increases in average house prices over the last 10 years, boosted by the booming oil industry.
According to Halifax’s study, the ten most expensive cities based on price per square metre are Westminster, London, £7,586, St Albans, South East, £3,227, Oxford, South East, £2,821, Winchester, South East, £2,813, Chichester, South East, £2,638, Cambridge, East Anglia, £2,634, Brighton, South East, £2,549, Bath, South West, £2,376, Edinburgh, Scotland, £2,125 and Salisbury, South West, £2,060.
The study also disclosed the least expensive cities least expensive cities based on price per square metre are Londonderry, Northern Ireland, £817, Lisburn, Northern Ireland, £945, Hull, Yorkshire and Humberside, £1,027, Bradford, Yorkshire and Humberside, £1,042, Swansea, Wales, £1,063, Belfast, Northern Ireland, £1,064, Durham, North, £1,104, Stoke On Trent, West Midlands, £1,126, Sunderland, North, £1,129 and Newport, South Wales, £1,134.