House prices per m2 in the UK

Alex Johnson

0e6fc7215f3dd9ec07f5542552e926bc58468645 300x225 House prices per m2 in the UKUnsurprisingly, properties in the South East are among the most expensive in the UK per square metre, according to new research from Halifax.

With the smallest average property size in the UK (71 m2) Westminster is also the most expensive city in the UK on a price per m2 basis with an average value of £7,586 per m2. This figure makes it more than twice the price of the next most expensive city – St. Albans (£3,227 per m2) – and four and half times higher than the UK average (£1,668 per m2).

The next most expensive cities are Oxford (£2,821 per m2), Winchester (£2,813 per m2), Chichester (£2,638 per m2) and Cambridge (£2,634). The only city in the ten most expensive from outside southern England is Edinburgh (£2,125 per m2).

“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,” said Martin Ellis, housing economist at Halifax. ”Several towns in Aberdeenshire have seen significantly higher growth in average price per m2 than the UK average over the past decade; this, on the main, has been driven by the booming oil industry, which is a key part of the local economy.”

In northern England, York is the most expensive city with an average price per m2 of £1,830, followed by Worcester (£1,730 per m2) and Chester (£1,636 per m2). Cardiff (£1,504 per m2) and Belfast (£1,064 per m2) top the list in Wales and Northern Ireland.

With a value of £817 per m2, Londonderry is the UK’s least expensive city; followed by Lisburn (£945 per m2). The two Northern Ireland towns are followed by Hull (£1,027 per m2), Bradford (£1,042 per m2) and Swansea (£1,063 per m2).

Eight of the top ten towns with the highest house price growth on a per square metre (m2) basis over the last decade are in Scotland. Ellon in Aberdeenshire recorded the largest gain over the past ten years – an increase of 169% from £752 per m2 in 2002 to £2,022 per m2 in 2012.

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