For sale: one square metre of space in Barking and Dagenham, £4,000
PUBLISHED: 13:14 12 October 2017 | UPDATED: 14:45 12 October 2017
A phone-box sized space in Barking and Dagenham is five times more expensive in London’s richest borough, new figures reveal.
Barking and Dagenham came last in a table of the capital’s steepest house prices per area, with buyers shelling out nearly £4,000 for every square metre of floor space.
The amount paid in wealthy Kensington and Chelsea, meanwhile, was a staggering £19,400, according to the Office for National Statistics (ONS).
Prices in London soared above the rest of England and Wales, with 19 of the top 20 most expensive local authority areas found in the capital.
The City of London (£17,300), City of Westminster (£16,200) and Camden (£12,700) followed Kensington and Chelsea as the most costly areas.
But prices in Barking and Dagenham were still two thirds higher than the national average, £2,400.
ONS data show that extending your property by one square metre will raise the house price by around £3,600, compared to £18,000 in Kensington and Chelsea.