Note: Data from July 2014

Buying a square metre of Kensington and Chelsea property now costs roughly the same as a new entry-level Ford Fiesta.

With one square metre costing £10,854, the area is the most expensive local authority in the country to live in. According to data from Halifax, average house prices in this and six other London boroughs have shot up by more than 50 per cent per square metre since 2009.

But while every borough in London has seen an increase, many other areas are still well below the levels they were at five years ago.

The map shows how prices have changed between 2009 and 2014, with the local authorities shown in blue recording price decreases. Data for the regions in grey was not provided.

Scotland and Wales in particular are struggling to see a recovery in their housing markets, with 26 of 30 local authorities in Scotland and 15 of 22 in Wales below 2009 levels.

London, however, is a different story. Every borough in the capital has seen an increase in its price per square metre over the same period.

It is in some of the richest boroughs in 2009 that have seen the greatest percentage increases. These areas are clustered around the centre, while those authorities which have seen relatively modest increases are towards the periphery.

The figures show that Lambeth was the region to record the highest increase in price in the last five years, with a jump from £3,180 to £5,180 per square metre, a rise of 61 per cent.

The lowest percentage increase was in Barking and Dagenham, which saw a 16.5 per cent rise; still far higher than the median national change of four per cent. In total, seven areas in London, which include Lambeth, Kensington and Chelsea, Lewisham, Harringey and Hackney, have seen prices leap by more than 50 per cent per square metre.

Other districts such as Camden, Islington and Southwark aren’t far behind, with increases close to 50 per cent.

Highest and lowest prices

Every one of the 10 local authorities with the highest price per square metre was in London. The cheapest 10 were all outside the capital, in Scotland, Wales and the north of England.

It is in some of the richest boroughs in 2009 that have seen the greatest percentage increases. These areas are clustered around the centre, while those authorities which have seen relatively modest increases are towards the periphery.

The figures show that Lambeth was the region to record the highest increase in price in the last five years, with a jump from £3,180 to £5,180 per square metre, a rise of 61 per cent.

The lowest percentage increase was in Barking and Dagenham, which saw a 16.5 per cent rise; still far higher than the median national change of four per cent. In total, seven areas in London, which include Lambeth, Kensington and Chelsea, Lewisham, Harringey and Hackney, have seen prices leap by more than 50 per cent per square metre.

Other districts such as Camden, Islington and Southwark aren’t far behind, with increases close to 50 per cent.

There has been recent speculation that the housing market may be cooling in the capital as Mortgage Market Review (MMR) rules take effect and talk grows of the possibility of interest rate hikes by the Bank of England.

Source: City AM