Stanley, a former colliery town in County Durham, is the least expensive place to buy a property on a per square metre basis, research shows.
The study, which was carried out by dividing the average residential property price in each area, based on Halifax’s house price database, by the typical property size in each location, found that a property purchaser will pay on average £818 per square metre when buying property in Stanley – the cheapest in Britain.
On the market in Stanley:
- A two-bedroom terrace house on Mulberry Terrace New Kyo, Stanley, Co Durham, DH9, which enjoys a pleasant position overlooking retirement bungalows to the front and benefits from having gas central heating and further enjoys the advantage of uPVC double glazing, has just come on to the market at an asking price of £46,000
In stark contrast a home buyers acquiring property in Kensington and Chelsea, one of the most sight-after parts of London, can expect to pay in excess of £10,000 for just one square metre of a residential property.
On the market in Kensington:
- A recently refurbished three-bedroom town house on Holland Park Road, Kensington, W14, is on the market at an asking price of £2.5 million.
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.
Based on the Halifax property price index, residential properties in Kensington and Chelsea were found to have an average price of £10,854 per square metre, followed by Westminster and Hammersmith and Fulham, where the respective values were £8,925 and £7,804 per square metre.
After Stanley, Pontypool in South Wales was named as the second least expensive town per square metre, with an average price of £902, followed by Wishaw in Scotland, with a typical price of £925.
Buyers looking to acquire property outside of southern England will find that Altrincham in Cheshire, where properties typically cost an average of £2,227 per square metre, is the most expensive town, followed by Edinburgh where the average price of a home is £2,214.