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Capital still priciest for property space
18 March 2008 10:30
The greatest recent rises in property values per square metre have been outside England, according to new figures, although London remains the costliest area in these terms.
Methyr Tydfil's average house price per square metre climbed by 203 per cent to £1,331 over the past five years, Halifax's data showed, the fastest growth rate in the UK, with seven towns in Northern Ireland and two in Scotland making up the rest of the top ten.
Yet the ten most expensive locations are still all in London, with Kensington and Chelsea the priciest spot at a typical value of £8,368 per square metre, compared to a UK average of £2,158, while Weybridge in Surrey was the costliest site outside the capital.
By contrast, the cheapest place is Wishaw in Scotland, with homebuyers typically paying just £1,128 for a square metre of property, ahead of Peterlee in northern England, Sutton in Ashfield in the East Midlands and Blackburn in the north-west.
Halifax's chief economist Martin Ellis reflected that despite the considerable degree in price growth divergence since 2002, the lists of the most and least expensive towns have changed relatively little during this period.
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