Home news Figures reveal yawning property price gap

Figures reveal yawning property price gap


A square metre of property in London’s most expensive area costs 25 times more than that in the cheapest part of England and Wales, official figures show.

But the gulf in prices between Kensington and Chelsea and Blaenau Gwent has narrowed – just slightly – since the year before, according to data published by Office for National Statistics (ONS).

The figures showed home buyers in the royal borough paid an average of £19,439 per square metre in 2016.
That was 25 times higher than the £777 average paid in Blaenau Gwent.
But it was smaller than the multiple of 26.9 on 2015 prices.
That was because the average price in Kensington and Chelsea edged down from £19,640 while in Blaenau Gwent, it rose from £731.

Image: Ebbw Vale is in Blaenau Gwent, the cheapest area per square mettre
Top-end house prices in London have been under pressure after stamp duty changes, while many parts of the rest of the country are still recovering from the impact of the financial crisis.
In Blaenau Gwent, the average price per square metre has yet to return to its peak of £866 in 2007.

By contrast, the same-sized parcel of land was worth £12,189 in Kensington and Chelsea in 2007 and has since added more than 50% in value.
The latest figures show the five most expensive areas are all in London, with the City of London (£17,371), Westminster (£16,246), Camden (£12,671) and Hammersmith and Fulham (£10,718) following Kensington and Chelsea.
Three of the cheapest areas were in Wales – with Merthyr Tydfil (£917) and Neath Port Talbot (£984) joining Blaenau Gwent.
Lancashire also had some of the cheapest areas, with a square meter in Burnley averaging £838 and £976 in Hyndburn.
Overall, the North-South divide continued to widen.
The average price per square metre in London stood at £6,639 and £3,445 in southeast England, compared to £1,271 for the North East.

Source: Sky News