London property prices have risen in last 20 years by over 400%
Over the past two decades, the prices per square metre has risen by 423% in Greater London. Whilst London continues to dominate the country’s list of most expensive locations, there are several areas in England which fetch a much higher price per square metre that the national average of £2,216.
Whilst Kensington and Chelsea remain the most expensive neighbourhoods in Britain, we are seeing areas such as Solihull and Leamington Spa in the West Midlands, Altrincham in the North West, Scotland’s capital, Edinburgh and Harrogate in Yorkshire, according to the report from UK lender the Halifax compete with its per square metre.
But how does knowing the price per square metre effect you as a buyer or seller? Well according to Chris Gowland, mortgages director at Halifax, in doing so you are able to look and adjust to the differences in size and the type of properties in different locations; ‘We have seen the average price per square metre increase by 251% over the past 20 years from £631 in 1996 to £2,216 in 2016, although this national figure does conceal considerable regional differences.’
The Property Wire has taken a look at these increases and you can read all about it here.