Twenty areas in Greater London have an average price in excess of £5,000 per square metre according to new research from the Halifax.
When measured on a square metre basis, property prices in southern England have risen significantly ahead of the rest of Britain over the past 20 years with a rise of 402 per cent in Greater London compared with a national increase of 236 per cent.
Hackney has seen the largest increase in average prices per square metre with prices rising from £814 to £6,942 - that’s an extraordinary 753 per cent rise, nearly double that seen on average across the capital.
The average price per square metre across Britain has increased since 1997 from £672 to £2,260 in 2017.
Nine of the 10 areas that have seen the biggest increases over the last 20 years are in London, with Hove the only other town to make the list. Outside southern England, 12 towns have recorded price gains in excess of the national average since 1997.
Kensington and Chelsea remains Britain's most expensive area with an average price of £11,192 per square metre. Despite dropping one per cent since last year, the borough is nearly five times the national average and the only area in Britain with an average price above £10,000.
Of the 10 most expensive towns outside southern England, Altrincham in the North West is the most expensive with an average price of £2,834 per square metre, with only York (£2,233) having an average price below the national average of £2,260.
The research found that only two towns had an average price below £1,000.
Port Talbot in Wales is the least expensive town with an average price at £983 per square metre followed by Nelson in the North West on £998.
Six of the 10 towns with the lowest prices per square metre are outside England, with four in Wales and two in Scotland.