A HOME buyer in London's Kensington and Chelsea faces paying more than £10,000 just to own one square metre of the property, research has found.

Halifax has declared the area Britain's most expensive place to buy a property on a "per square metre" basis, while Stanley in County Durham has the lowest average price.

Meanwhile, the North Lanarkshire town of Wishaw was the third least expensive town with a typical price of £925 per square metre. But in Edinburgh, the average price on this basis is £2,214.

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

Homes in Kensington and Chelsea were found to have an average price of £10,854 per square metre, followed by Westminster and Hammersmith and Fulham, where the respective values were £8,925 and £7,804 per square metre. Altrincham in Cheshire was named the most expensive town, with properties typically costing £2,227 per square metre.

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."