Properties in Brighton have experienced the largest gain in prices per square metre over the past ten years, according to new analysis of 62 UK cities by Halifax Estate Agents. Brighton now has an average price of £2,559 per square metre (psm), an increase of 280% since 1996. Truro in Cornwall saw the second largest gain of 270% since 1996, followed by London at 254%.
London is the UK's most expensive city for property with an average price of £3,883 psm in 2006, a 14% increase on the previous year's figure of £3,395. Ten years ago, St Albans was the most expensive city at £1,436 psm, compared with £1,097 for London. St Albans is now ranked third with an average price of £2,903, behind Oxford at £3,010.
Armagh is the city in Northern Ireland with the largest increase over the past ten years of 231%, and is now the sixth-largest riser in the UK as a whole. Belfast is ranked seventh in terms of growth since 1996 at 229%.
Edinburgh is Scotland's most expensive city with an average price of £2,218 psm, while Cardiff is the most expensive city in Wales and Belfast the most expensive in Northern Ireland.
Martin Ellis, chief economist at Halifax, said: "Over the past ten years Brighton has seen the fastest increase in price per square metre, with a gain of 280%. Properties in the city now cost £2,559 psm, compared with £673 ten years ago. London is the most expensive city in the UK, with an average price of £3,883 per square metre, although ten years ago the capital was ranked second behind St Albans. Armagh in Northern Ireland is among the cities with the lowest price per square metre, but it has experienced the sixth-largest increase over the past ten years."
