AIRDRIE boasts the best value for money in terms of house size.

The town has come out top in the UK for price per square metre, with buyers getting 11 metres of property space for the price of just one metre in Kensington and Chelsea.

It has the lowest typical property price per square metre at £1,019.

The average home now costs £2,216 per square metre – while in some parts of London buyers face paying over £11,000 for the same size.

The Halifax report made the calculations by dividing average house prices across towns and London boroughs by average property sizes, excluding outside space.

While London dominates the list of the most expensive property locations, five areas outside southern England fetch a higher price per square metre than the national average of £2,216. 

At the less expensive end of the property market, Lanark, Llanelli and Neath in Wales and Accrington and Hartlepool in northern England also have average house prices per square metre at around the £1,000 mark.

Chris Gowland, mortgages director at Halifax, said: “House price per square metre can be a useful comparison measure as it helps to adjust for differences in the size and type of properties between locations.

“We have seen the average price per square metre increase by 251% over the past 20 years from £631 in 1996 to £2,216 in 2016, although this national figure does conceal considerable regional differences.”