Hackney house prices soar eight-fold in 20 years

Hackney has seen the largest increase in average prices per m2 since 1997 with prices rising from £814 to £6,942 (753%), nearly twice the London average (402%).

The average price per m2 across Britain has increased by 236% over the past 20 years, from £672 in 1997 to £2,260 in 2017. However, this national figure conceals considerable regional differences, with Greater London increasing by 402% in comparison to 147% in Scotland.

Nine of the 10 areas that have seen the biggest increases over the last 20 years are in London, with Hove the only other town to make the list.

Outside of southern England there are nine areas that fetch a higher property price per m2 than the national average of £2,260, including Altrincham, Sale and Cheadle in the North West, and the West Midlands towns of Leamington Spa and Solihull.

In the last five years alone, house prices per m2 have risen by 34%, with all regions experiencing growth of at least 12%. The London borough of Waltham Forest saw the largest growth since 2012 (93%). Greater London has experienced substantially faster growth than elsewhere in Britain with its average increase of 57%, almost five times that in Scotland (12%).

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.”