Merthyr Tydfil records highest property price growth per m2

Properties in Merthyr Tydfil have recorded the largest gain in average price per square metre (m²) over the past five years, according to research from Halifax Estate Agents.

There has been an increase of 203% to £1,331 per m² in 2007 from £439 per m2 in 2002. Merthyr Tydfil was the most inexpensive town in the UK on this basis in 2002. The Welsh town is no longer amongst the ten least expensive towns although the average price remains significantly below the UK average of £2,158 per m2.

Seven of the top 10 performing towns in the last five years are in Northern Ireland

Seven of the ten towns with the highest house price growth on a per square metre basis over the past five years are in Northern Ireland. Craigavon has experienced the second largest gain in the UK (186%) since 2002 followed by Ballymena (180%). Property prices in Northern Ireland have been boosted in recent times by a combination of a strong local economy, high levels of immigration and high demand for properties from second homebuyers and buy-to-let investors in the Republic of Ireland.

South Eastern towns account for nine of the ten smallest price increases since 2002

Nine of the ten UK towns that have delivered the smallest house price growth on a per square metre basis since 2002 are in the South East. House prices in Camberley, Waltham Cross and Hoddesdon all grew by 30% over the past five years: the lowest rate of increase across the UK over the period.

MOST EXPENSIVE / LEAST EXPENSIVE AREAS

The most expensive areas are all in Greater London.

Kensington & Chelsea remains the UK's most expensive area with an average price of £8,386per m2 in 2007; an increase of 67% on 2002 (£5,033 per m2). The same London boroughs make up the ten most expensive areas in the UK as five years ago.

Ten most expensive towns outside London are in the South East

Weybridge in Surrey is the most expensive town outside Greater London with an average price of £3,901 per m². Five of the ten most expensive towns outside the capital are in Surrey: Weybridge, Godalming, Leatherhead, Dorking and Epsom. The remaining five comprise three towns in Hertfordshire (Harpenden, Rickmansworth and St Albans) and two in Berkshire (Ascot and Windsor).

Altrincham is the most expensive town outside southern England

The Cheshire town of Altrincham is the most expensive town outside southern England with an average price of £2,507 per m². Stratford upon Avon (£2,453 per m²) is the second most expensive. Edinburgh is the most expensive Scottish town or city (£2,448 per m²). Cardiff is the most expensive city in Wales (£1,802 per m²) and Belfast is the most expensive in Northern Ireland (£2,291 per m²).

Wishaw in Lanarkshire is the least expensive town in the UK

Wishaw in Lanarkshire had the lowest average price (£1,128 per m²) of all UK towns in 2007. Peterlee in County Durham recorded the second lowest price (£1,135 per m²) followed by Sutton in Ashfield (£1,187 per m²). Five years ago, the ten least expensive UK towns all had an average property price of less than £600 per m². Four of the ten least expensive UK towns in 2002 were still among the ten least expensive in 2007: Llanelli, Barrow in Furness, Accrington and Peterlee.

Sunderland has the least expensive semi detached properties in the UK

Semi detached properties in Sunderland were the least expensive in the UK in 2007 at an average of £1,563 per m². Scunthorpe (£1,564 per m²) and Mablethorpe in Lincolnshire (£1,579 per m²) were the second and third most affordable UK places for semi detached properties. Wandsworth is the most expensive area in the UK for semi detached properties with an average price of £5,407per m²; 246% higher than in Sunderland.

AVERAGE PROPERTY SIZE

Sevenoaks has the largest average property size

Sevenoaks in Kent has the largest average property size in the UK: 153 m². Seven of the ten UK towns with the biggest average property size are in the South East. Ascot and Leatherhead (both 147 m²) are joint second. Ilkley in West Yorkshire (143 m2), Wilmslow in Cheshire (136 m2) and Inverurie in Aberdeenshire (136 m2) have the largest average property size outside the South East and all feature among the UK top ten.

Tower Hamlets has the smallest average property size but is still one of the ten most expensive UK towns

Tower Hamlets has the smallest average property size in the UK, at 81 m2; just over 50% of the average in Sevenoaks. Eight of the ten areas with the smallest average property size are in Greater London. The Scottish town of Clydebank has the smallest average property size (86 m2) outside London.

INTERNATIONAL COMPARISONS

Globally, London is the most expensive city

Internationally, London, at £9,805 per m2, is the most expensive city in 2008 for an upper end of the market apartment. This is 24% more expensive than New York (£7,919 per m2) and 27% more expensive than third placed Moscow (£7,720 per m2). Cities in Europe and Asia dominate the most expensive cities, accounting for nine of the ten most costly cities.

Martin Ellis, chief economist at Halifax Estate Agents, said: "When looking at property prices on a square metre basis, there has been a huge divergence in house price performance across the UK over the past five years, ranging from a rise of 203% in Merthyr Tydfil to 30% in Camberley.

Despite these differences, there has been little change in the composition of those areas with the most and least expensive properties. The same ten London boroughs are still the most expensive areas in the country whilst four of the least expensive towns in 2002 remain amongst the ten least expensive places."