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Investment properties in London are more than twice as valuable as the combined value of the nine next largest UK cities.
The total value of the capital’s houses has now exceeded £1.5 trillion. This works out as over double the £678 billion that the next nine largest UK cities combine to be worth. These cities include Bristol, Glasgow and Birmingham.
Research from Zoopla found that the overall value of homes in Bristol amounted to £115.21 billion, 27 times higher than Sheffield which had the lowest total value of £55.67 billion. Despite this, Sheffield boasted the highest growth in prices at 5.6 per cent in 2017.
The city with the second largest growth was found to be Glasgow, which saw prices grow 5.4 per cent, reaching an overall value of £90.75 billion. This meant that it exceeded Edinburgh, which sat in sixth place at £68.27 billion.
Birmingham reached fourth place in the rankings. The total property market value of the midlands city stood at £81.67 billion. This was followed by Manchester which reached fifth place, with homes valued at £80.48 billion.
The respective values of these cities demonstrates a wide gap between London and the rest of the UK. This is in spite of the fact that London recorded the slowest house price growth in 2017 at just 1.5 per cent.
The research also analysed different areas within a city where values were exceptionally high. London’s SW1 area was found to be the most valuable area of the capital, unsurprising given that it includes the neighbourhoods of Belgravia, Pimlico and Westminster. In Bristol and Glasgow the areas of of BS16 and G12 respectively were identified as being particularly pricy.
Spokesperson for Zoopla, Lawrence Hall, said: ‘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.’