Find the Cheapest and Most Expensive UK HomesMake Text Bigger
New research from a major mortgage lender reveals the cheapest and most expensive places to buy homes in the UK.
The data also highlights the towns with the largest and smallest price increases over the past 10 years.
The research looks at homes on a price per square metre basis – comparing prices by living space.
The majority of towns with the biggest increase in prices had relatively low prices in 2001, the survey shows.
House price highlights from the data include:
- Peterhead, Scotland, has the highest house price growth per square metre over the past 10 years – up 160% to £1,254 per square metre in 2011 from £481 in 2001. Second was Inverurie, up 142%, and Montrose with a 135% increase.
- Only 12 towns have a high price per square metre now than in 2007 – Epping, Essex, has seen the biggest rise over this period (12%), while top performers Peterhead (7%) and Inverurie (10%) also saw increases.
- Kensington & Chelsea is the most expensive place to buy a home, with an average price of £8,038 per square metre.
- Cambridge is the most expensive town outside London with an average price of £2,783 per square metre.
- Stratford upon Avon, Warwickshire (£2,259), and the Cheshire towns of Wilmslow (£2,241) and Altrincham (£2,148) are the most expensive towns outside Southern England.
- Stanley in County Durham has the lowest average price (£784 per square metre).
- There has been more movement amongst the cheapest areas with only four of the 10 least expensive UK towns in 2011 among the 10 cheapest in 2001: Nelson, Merthyr Tydfil, Ebbw Vale and Bootle.
- Sevenoaks, Kent, has the largest average property size in the UK at 146 square metres.
- Tower Hamlets has the smallest average property size in the UK, at 77 square metres
“When looking at property prices on a square metre basis, there has been a huge divergence in house price performance across the UK over the past decade,” said Martin Ellis, housing economist at Halifax.
“Despite these differences, there has been little change in the composition of those areas with the most and least expensive properties. Nine of the 10 London boroughs that were the most expensive areas in the country in 2001 are still in the top 10 whilst four of the least expensive towns in 2001 remain amongst the 10 least expensive places.”
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