Despite a slowdown, London property prices are more than double the worth of next nine largest UK cities put together
London property prices may be experiencing a slowdown, but figures by a property website show that the city’s housing property market is more than double the worth of next nine largest UK cities put together. This wide gap is despite the fact that house price growth in the capital was the slowest of all cities at 1.5 per cent over the last year.
Valued at £1.5 trillion, London’s housing property market outstrips the combined worth of other major cities in the country which stands at £678billion, according to figures by Zoopla. This includes some of the major cities in the UK such as Bristol, Glasgow and Birmingham. The survey also revealed that the value of homes in the capital is 13 times higher than Bristol (the second on the list of top ten cities) where the total worth of homes is £115.21billion. Similarly, the value of homes in London is 27 times higher than Sheffield which figures tenth on the list and where the total worth of homes is £55.67billion. Although Bristol was second on the list, it saw a growth of 3.8 percent, while Sheffield – which occupied the last spot – registered the highest growth rate, with prices rising 5.6 per cent in 2017.
Zoopla spokesperson, Lawrence Hall said that it comes as no surprise that London is significantly more valuable as a residential property market than any other British city. However, the data does show that, in comparison to cities further north and across the Scottish border, the rate of growth in London has slowed.
With a total market value of £81.67billion, Birmingham takes the fourth spot in rankings while Manchester occupies the fifth place with homes valued at £80.48billion.
The survey by Zoopla also covered pockets in each city where total property values are particularly high.
In London, the areas that were identified as being the most valuable included the SW1 area, which comprise the affluent neighbourhoods of Belgravia, Pimlico and Westminster. Homes in the SW1 were worth £54.57billion in total, which is nearly as much as the whole of Sheffield’s housing. Home prices there remained stable in 2017 as they were already so high.
With a total value of £10.1billion, Bristol’s upmarket BS16 neighbourhood was the most expensive area in the city.
In Glasgow, G12, which includes the West End and the University of Glasgow, topped the list of most expensive areas in local property with total property value of £4.27billion.
Birmingham’s most valuable locality was B13, which includes trendy Moseley and Billesley, is valued at £3.97billion.
Valued at £6.48billion, M20 in Manchester took the top spot in local property.