Where are the Cheapest & Most Expensive Floor Spaces in the UK?
According to a new study produced by Halifax, the cheapest floor space within a house is in Northern Ireland’s Londonderry, with the most expensive being in London’s Westminster. The study revealed that for a square metre of property in London, you could be paying, on average, a whopping £7,486, but with homes averaging at just 71 square metres, they are the tiniest in the country.
The UK’s average price for a square metre within a property is £1,668, but at nearly double this is St Albans, Hertfordshire, where you can expect to be paying £3,277. Other expensive areas are Chichester, Cambridge, Winchester and Oxford, with Scotland’s Edinburgh being the only city out of southern England found within the top 10. Here you could be paying an average of £2,125 per square metre.
In Northern England, York was found to have the most expensive properties per square metre at an average cost of £1,830, over double what you would be paying in the cheaper locations.
Speaking about the report, housing economist at Halifax, Martin Ellis 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.
“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.”
Those least expensive cities were found to be in Hull, Swansea, Bradford and Lisburn, with Londonderry having the cheapest properties at £817 per square metre.
At an average of 153 square metres, Northern Ireland’s Armagh was found to have the largest property sizes. Furthermore, increasing 169% in value per square metres in the last ten years, properties in Ellon, Aberdeenshire had an average price of £2,022 per square metre.
Other areas in Aberdeenshire also saw large increases in the past decade, including Peterhead, Fraserburgh and Inverurie; something which has been spurred by the oil industry boom that aids the economy within this area.
Least expensive cities in the UK (based on square metre prices):
- 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
- Newport, South Wales = £1,134
Most expensive cities in the UK (based on square metre prices):
- 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
- Salisbury, South West = £2,060
In another report released by Zoopla.co.uk, the most expensive neighbourhoods in the UK were revealed based on average house prices. Perhaps not surprisingly all of the neighbourhoods were located in southern England, with nine out of ten of the properties being located in London. Surrey finished 7th in the table, with an average property price of £937,419 in the Virginia Water location.
- Kensington – London W8 – £1,735,484
- Chelsea – London SW3 – £1,324,479
- Knightsbridge – London SW7 – £1,305,055
- Notting Hill – London W11 – £1,173,459
- West Brompton – London SW10 – £1,045,388
- Hampstead – London NW3 – £939,348
- Virginia Water – Surrey GU25 – £937,419
- Westminster – London SW1 – £920,463
- Barnes – London SW13 – £891,388
- St John’s Wood – London NW8 – £890,633
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