The price of floorspace in London is continuing to rise, adding to the value of properties in the residential and commercial sectors as well as land. In May 2016 it was reported that the average per square metre had reached an impressive £2,216 across the capital.
Halifax looked beyond this, researching the most areas valuable areas in the UK in terms of floorspace. Two areas, the Boroughs of Kensington and Chelsea alongside Westminster, exceeded £10,000 per square metre. In total the capital was home to 17 destinations with floorspace valued at over £5,000 per square metre. Five areas beyond London and the South of England joined the list of most expensive areas.
The list shows you the most valuable areas but it is wise to look beyond these figures on their own to determine where you want to invest your money. Alongside the value it is a good idea to look at the growth as some areas will have performed much better than others.
When you look at growth Merton becomes a very attractive prospect. The Borough offers some beautiful attractions for property seekers, including the fact that it is home to Wimbledon. On top of this the area joined the list of areas with floor space worth over £5,000 per square metre in 2016. It has enjoyed good growth and offers good prospects for further increases in value in the future.
An important thing to consider is that not all floorspace commands the same kind of value. Usable space is the most valuable, whereas corridors, landings and other spaces with limited uses command smaller prices. It is wise to look at the distribution to get a much closer view of the value of a property.
At Finefair we offer an array of services for investors, including estate management, guaranteed rent, and lettings. We are highly experienced and can support clients all across the capital. If you are looking to invest in Merton or another area where you want to look closely at floorspace we can help you.