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London’s property market worth twice the combined value of the other nine largest UK cities
London’s property market is now officially worth more than £1.5tn, according to figures recently released from property portal Zoopla.
The study observes an increase of 1.54% in the past 12 months, despite the ongoing housing crisis. To be precise, London’s market is more than twice as valuable as all the property assets in these nine major UK cities: Birmingham, Manchester, Leeds, Bristol, Reading, Edinburgh, Nottingham, Sheffield and Glasgow. Bristol came in second with a £115bn worth of property assets and Glasgow third with a property market value of £90.75bn, leaving behind Edinburgh, the Scottish capital.
Most expensive areas of London
According to Zoopla, London is the only UK city to surpass the £100bn threshold. The study further examined the factors that contribute to the rankings such as affluent neighbourhoods, most high-priced areas, average house price and applicable Stamp Duty Land Tax relief. As expected, Belgravia, Pimlico and Westminster in London are totally valued at £54.57bn, which is almost as much as the entire city of Sheffield (£55.67bn).
Prospective buyers in the capital can expect to pay £518,178 on average for a home with a deposit as high as £77,727. According to Lawrence Hall, spokesperson for Zoopla “prices in Southern England have continued to rise at a relatively fast rate, making it very difficult for the average first-time buyer to get on the property ladder.”
Hall also added:
“It comes as no surprise that London is significantly more valuable as a residential property market than any other British city”. According to forecasts by Capital Economics and JLL house prices in the UK will most likely grow by 2%.”
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