For sale: One square metre of space in Redbridge for almost £5,000

PUBLISHED: 16:59 13 October 2017

Properties in Redbridge now sell for £4,957 per square metre. Picture: PA

Properties in Redbridge now sell for £4,957 per square metre. Picture: PA

PA Archive/Press Association Images

House prices in Redbridge have rocketed in the past 10 years, with buyers now paying £4,975 per square metre – an increase of 65per cent.

But homes are still cheaper here than in the majority of the capital – only Croydon, Bexley, Havering and Barking and Dagenham have cheaper prices per square metre.

The amount paid in wealthy Kensington and Chelsea, is a staggering £19,400 according to the Office for National Statistics (ONS) – a rise of 108.7pc.

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 and City of Westminster followed Kensington and Chelsea as the most costly areas.

But prices in Redbridge are still double the national average, £2,400.

And, according to the ONS, extending your property by just one square metre would increase its value by £4,408.

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