Three areas of the West Midlands are among the most expensive outside London, according to a new report into how much one square metre of a property costs.
Solihull, Warwick and Leamington Spa are all in the top five of a list of land values, with a square metre – just short of 11 sq ft – setting you back more than £2,350.
Experts say the research by Halifax, which is designed to show exactly what you get for your money, shows there has been a clear widening in the gap between the South East and the rest of the country.
While the three West Midland towns are among the most expensive, they lag far behind the figure for London’s Kensington and Chelsea, with the average square metre of a home there setting a buyer back £11,635.
One square metre of a property in Kensington and Chelsea costs nearly six times the national average of £2,033. The borough is the only area in Britain with an average price above £10,000 per square metre, with Westminster having the next highest price, at £9,571.
All of the top ten most expensive areas were in London, with Camden, Hammersmith and Fulham, Islington, Wandsworth and Hackney also on the list.
Outside southern England, Altrincham in Greater Manchester is the most expensive town , with Edinburgh, Aberdeen, Harrogate and York making the top ten.
Craig McKinlay, mortgages director at Halifax, said: “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.
“Parts of central London are substantially more expensive than anywhere else in the country. Nonetheless, there are a number of notable pockets outside the south of England where property prices are also high per square metre. There has been a clear widening in the gap between southern England, particularly London, and the rest of the country over the past 20 years – a trend that has continued during the last five years.”
While Solihull, Warwick and Leamington Spa are among the highest outside London, such is the disparity of house prices, they are barely above the national average of £2,030 per square metre.
They are also closer to the cheapest – Aberdare in South Wales – where a square metre costs £910 on average.
Halifax said, across the country, house prices per square metre had surged by 18 per cent since 2010.
Greater London has experienced substantially faster growth than elsewhere in Britain with an average increase of 45 per cent. Some London boroughs have seen particularly large jumps in the price of property per metre squared since 2010, with Hackney recording a 71 per cent increase and Southwark recording an uplift of 70 per cent.
Halifax made its calculations by looking at average house prices across 331 towns.
The ten most expensive areas per square metre in Britain outside southern England – average price per square metre
1. Altrincham, North West £2,446
2. Solihull £2,367
3. Warwick £2,363
4. Leamington Spa £2,353
5. Edinburgh £2,297
6. Aberdeen £2,281
7. Harrogate £2,196
8. Sale, North West £2,138
9. Cheadle, North West £2,033
10. York £2,024