There may be growing concern over the slowing growth in London house prices, but when it comes to price per square metre, there are five locations in the capital where it has shot above the £5,000 mark for the first time.
Homes in Barnet, Kingston upon Thames, Lewisham, Waltham Forest and Harrow are now worth more than that as prices increased on last year. They join another 15 boroughs where homes cost more than that, on average.
And looking over the last 20 years, London has experienced the biggest increase in price per square metre, with nine out of the 10 biggest increases located in the city.
Homes in Hackney have grown more than anywhere else in the country over the past two decades - from £814 per square metre in 1997 to £2,260, up more than 750 per cent.
That compares to an increase of 236 per cent on average across Britain, up from £226 to 672 per square metre in the last 20 years.
"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," said Russell Galley, managing director of Halifax which conducted the research.
“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.”
Prices per square metre increased in Newham, Southwark and Lewisham and Waltham Forest by more than 600 per cent.
Kensington and Chelsea has the highest price per square metre of any place in Britain at £11,192, the only place that can command more than £10,000.