One square metre of property in Kensington - yours for just £11,000: That's what home buyers in Britain's most expensive location will pay... and it's 13 times the cheapest area

Average house prices in parts of London have hit more than £10,000 per square, new research has revealed.

The London borough of Kensington and Chelsea, home to a number celebrities and royals, was found by Halifax to be Britain's most expensive place to buy a property on a 'per square metre' basis.

Homes in the west London borough were found to have an average price of £10,854 per square metre.

Average house prices in Kensington and Chelsea are now more £10,000 per square metre, a new survey found

The research found that houses in Stanley, County Durham (pictured) were the lowest per square metre

The research, which shows the gulf between London and other areas, found Stanley in County Durham has the lowest average price, at £818 per square metre.

The study was carried out by dividing the average house price in each area by the typical property size in each location, according to Halifax’s house price database.

Kensington and Chelsea, which is the most expensive, is home to the so-called Billionaire's Row of Kensington Palace Gardens, whose neighbours include the Duke and Duchess of Cambridge.

Other famous residents include music mogul Simon Cowell, who lives in Holland Park, and David and Victoria Beckham. The former England footballer was spotted in his local pub in Notting Hill with his friend Tom Cruise last week.

A stand-alone car parking space in the area recently sold for around £400,000 - more than twice the average value of a UK property.

The borough is followed by Westminster and Hammersmith and Fulham, where the respective values were £8,925 and £7,804 per square metre.

After Stanley, Pontypool in South Wales was named as the second least expensive town per square metre, with an average price of £902, followed by Wishaw in Scotland, with a typical price of £925.

The top 10 most expensive (above) and cheapest (below) locations for property on price per metre squared

Outside southern England, well-heeled Altrincham in Cheshire was named as the most expensive town, with properties there typically costing £2,227 per square metre, followed by Edinburgh, where the average price on this basis is £2,214, and Solihull, West Midlands, where the average price is £2,189.

Craig McKinlay, mortgages director at Halifax, said: 'House price per square metre is a useful measure for house price comparison because it helps to adjust for differences in the size and type of properties between locations.

'While there are areas in central London that are more expensive than anywhere else in the country, there are notable pockets outside the South East where property also has a high price per square metre.

'Many of those areas experiencing the strongest increases over the past few years are those with the highest price per square metre.'

TOP 10 AREAS PER SQUARE METRE

1. Kensington and Chelsea, London - £10,854
2. Westminster, London - £8,925
3. Hammersmith and Fulham, London - £7,804
4. Camden, London - £7,794
5. Islington, London - £6,868
6. Wandsworth, London - £5,971
7. Hackney. London - £5,418
8. Richmond upon Thames, London - £5,391
9. Southwark, London - £5,111
10. Lambeth, London - £5,108

TOP 10 CHEAPEST AREAS IN BRITAIN

1. Stanley, County Durham - £818
2. Pontypool, South Wales - £902
3. Wishaw, North Lanarkshire - £925
4. Accrington, Lancashire - £935
5. Llanelli, South Wales - £947
6. Lanark, South Lanarkshire - £957
7. Blyth, Northumberland - £967
8. Greenock, Inverclyde - £976
9. Airdrie, North Lanarkshire - £982
10. Kilmarnock, Ayrshire - £986

DM