Is it time to ditch the current method of valuing property? At present almost every estate agent in London is using an overall property price - a figure that's based on the property's condition and location, coupled with local area demand and the speed with which the buyer needs to sell.
Now analysis from Halifax has revealed what a square metre of floor space actually costs in the capital on a borough-by-borough basis. In Camden, floor space costs £9,012 per square metre - the third priciest of all London boroughs. Using the figure, a double bedroom in Camden measuring 3m x 3.5m costs £94,626.
It's been stated that a per metre price would allow buyers to weigh up and compare property costs purely on a space basis. What a per square metre cost doesn't reflect is its levels of desirability and the 'kudos' that a certain street or property carries - two houses in the same postcode of the same size can vary dramatically in value, thanks to factors outside of space alone. Square metre prices, however, are great for decision makers who like black and white comparisons and facts not affected by superficial influences.
To give you some background as to what a square metre of property costs across Europe, have a look at this graph. London is only outpriced by Monaco. We're not sure whether pricing per square metre will ever catch on but the topic sure makes good headlines!
Property buyers are shelling out more than £11,000 for just a square metre in one of London’s most exclusive areas, figures reveal. A study of the most expensive floorspace in Britain has become the latest research to illustrate spiralling property prices in the capital.