House prices hotspots: Biggest price growth UK areas revealed
GETTY House prices have surged since 2012
While some towns and cities may prove cheaper for properties, an unusual study revealed which areas are seeing the best investment returns based on their size. The typical property in Britain now costs £211 per square foot - an increase of more than a quarter since 2012, according to Zoopla. The house price website has compiled lists both within London and excluding the capital to show the potential to make cash up and down the country. The biggest price increases have been in East London, with Newham, home to the Olympic Park in Stratford, rising a massive 86 per cent over five years. Properties in the borough cost double the national average in square foot at £422. Also in East London, Waltham Forest has had price increases of 84 per cent, followed by Barking and Dagenham.
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Outside the capital, space in Slough has witnessed the biggest jump in value, with the average square foot up by 64 per cent from £145 to £374. Property prices have been increasing in anticipation of the upcoming Crossrail train line which will connect east and west London and surrounding areas to slash commuter time. Commuter town Stevenage in Hertfordshire has also seen square foot prices more than double from £105 to £282. The most expensive properties per square foot are in Kensington and Chelsea at £1,381 - an increase of 29 per cent since 2012. However, property prices have not increased across all parts of Britain with the research also revealing where homebuyers can purchase the biggest homes for the lowest price. Cost per square foot have decreased have fallen in Hartlepool, County Durham - down seven per cent to £102.
Prices in Burnley, Lancashire are among the lowest in the country at £87 per square foot – down three per cent since 2012.
But the cheapest price is Blaenau Gwent in South Wales at a typical cost of £79 - up 10 per cent since 2012.
Lawrence Hall, spokesperson for Zoopla said: “Analysing property prices per square foot is an effective way of seeing where you can achieve the most space for your money and can help steer you to areas you may want to focus your property search on, depending on your budget.
“The home counties have performed very well since 2012 in addition to some London boroughs, such as Newham and Waltham Forest, which have seen increases of over 80 per cent per square foot.
"This is no doubt in part due to the significant investment regenerating the area for the London Olympics.
"However, if you’re looking to maximise the amount of space possible on a budget, you should look to the Midlands and North to ensure best value for money.”
GETTY Home values have risen fastest in London