House prices in London’s Hackney have soared eightfold (753%) per square metre in just 20 years, research from Halifax has found.
This is nearly twice the London average (402%), while in the UK as whole prices have risen by 236%.
In Hackney, which has become an increasingly fashionable place to live since the millennium, prices per square metre have risen from £814 in 1997 to £6,942 this year.
Russell Galley, managing director of Halifax, said: “House price per square metre can be a useful measure for house price comparison as it helps to adjust for differences in the size and type of properties between locations.
“Unsurprisingly, there are parts of central London that are substantially more expensive than anywhere else in the country.
“However, we can see a number of notable pockets emerging outside the South of England, particularly in the West Midlands and North West.
“Over the last 20 years the gap between southern England, particularly London, and the rest of the country has increased substantially – a trend that has continued during the last five years.”
Kensington and Chelsea is Britain’s most expensive area with an average price of £11,192 per metre squared.
Outside southern England, Altrincham in the North West is the most expensive with an average price of £2,834.