First-time buyer hell: The London areas where you pay more than £20k per square meter
New research has revealed the most expensive areas for homebuyers in the UK.
The area where your money will get you the least floor space is Kensington & Chelsea, with an average cost of £28,509 per square metre, while another affluent area ranks second, with the average house in Westminster costing just over £1m, with an average cost of £20,926 per square metre.
The City of London district ranked third, with an average house cost of £806,489 despite having the smallest houses in the country, with a median floor space of 47 square metres, research from PlumbNation found.
The average cost per square metre in the City of London district is £17,159, with most of the value being attributed to the surrounding business and financial district as well as some historic sites.
1. Kensington and Chelsea, London
Average house price: £1,425,437
Median floor space: 50 square metres
Average cost per square metre: £28,509
As by far the most expensive place in the country, it’s no surprise that the area where your money will get you the least floor space is Kensington & Chelsea, in London.
Located in Central London, it is the capital’s smallest borough but is full of affluent neighbourhoods such as Notting Hill, Kensington, South Kensington, Chelsea and Knightsbridge, with an average home value of £1.4m, with many which run much higher too.
2. Westminster, London
Average house price: £1,004,433
Median floor space: 48 square metres
Average cost per square metre: £20,926
Another Central London area takes second place, with Westminster having an average cost per square metre of over £20,000.
Like Kensington & Chelsea, Westminster is another very affluent area and is where you’ll find most of the capital’s major landmarks and attractions, such as the Palace of Westminster, Buckingham Palace, Westminster Abbey, Westminster Cathedral as well as the West End and Oxford Street.
3. City of London, London
Average house price: £806,489
Median floor space: 47 square metres
Average cost per square metre: £17,159
The City of London district has the smallest homes in the country, at an average floor space of just 47 square metres and also has the third-highest cost per square metre at £17,159.
Also known as the Square Mile, the area is London’s primary business and financial district and home to historic sites such as St Paul’s Cathedral, the Royal Exchange, Mansion House, the Old Bailey, and Smithfield Market.