Picture this: One square metre of floor space – which equals to an area about the size of a red phone box – would cost an eye-watering £19,439 in the London borough of Kensington and Chelsea.
Now guess what? The same amount of space in Blaenau Gwent in the South Wales valleys would cost considerably less – £777, to be precise.
This means, quite shockingly, homes in the most expensive area of England and Wales are costing 25 times as much as in the cheapest area, according to new research from the Office for National Statistics.
Based on analysis of 2016 property prices, ONS reveal that in 2016 the average cost of property sold in England and Wales was £2,395 per square metre.
And in news that will come as no surprise, a staggering 19 out of the top 20 most expensive local authority areas are in London. Kensington and Chelsea, the City of London, Westminster and Camden top the list.
In stark contrast, Barking and Dagenham was the least expensive London borough, with homes costing £3,994 per square metre.
Echoing Zoopla's recent research on areas in UK where you can buy the biggest properties for the cheapest prices, South Wales and Lancashire are cheapest places to buy property. ONS' research revealed that homes cost less than £1,000 per square metre in Blaenau Gwent, Merthyr Tydfil, Neath Port Talbot, Burnley and Hyndburn.
If you want to find out how property prices compare in your area, explore the prices per square metre by using the interactive tool below:
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