The town of Truro has beaten off competition from some of the bigger cities to register the highest increase in residential property price per square metre (psm) in the UK.

Although London remains the most expensive city to live at £3,582 psm, and Oxford comes second with an average £2,741 psm, Truro's property has rocketed by a staggering 262 per cent in a decade, according to Halifax Estate Agents.

In 1996 the average price of property in Truro was £518 psm, while today a house could easily fetch as much as £1,876 psm.

Prices per square meter were found to exceed £2,000 in 12 cities overall, including those with smaller populations such as Brighton (£2,313 psm) and Bath (£2,271 psm).

Chief economist Martin Ellis highlighted that the survey found bigger price increases in "smaller cities with an average population of less than 250,000".

"This highlights that many households want the conveniences of city living, such as good shopping, transport links and easy commuting whilst living in attractive surroundings," he said.

"House price per square metre is a useful measure for house price comparison because it helps to adjust for differences in the size and type of properties between locations", he added. "This is a helpful descriptor to be used alongside other more established house price comparators."

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  1. avatar
    Carol McDonald