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Tower Hamlets homes £8,500 per square metre

PUBLISHED: 15:09 12 October 2017 | UPDATED: 15:13 12 October 2017

Picture: PA Photo/thinkstockphotos

Picture: PA Photo/thinkstockphotos

PA Photo/thinkstockphotos

A phone box-sized space in Tower Hamlets costs more than £8,500, new figures reveal.

Tower Hamlets was the tenth most expensive local authority for house prices per area, with buyers shelling out £8,545 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 Tower Hamlets were still three and half times higher than the national average, £2,400.

ONS data shows that extending your property by one square metre will raise the house price by around £6,400, compared to £18,000 in Kensington and Chelsea.

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