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Despite subdued house price growth in the capital over the past year, the market is more than twice as valuable as the next nine largest cities in the UK<\/p>\n
London’s property market is now worth more than \u00a31.5tn, an increase of 1.54pc in the past 12 months, according to fresh figures released on Thursday.<\/p>\n
Despite subdued house price growth in the capital over the past year, the market is more than twice as valuable as the combined worth of property assets in the next nine largest cities and towns in the UK:\u00a0Birmingham, Manchester, Leeds, Bristol, Reading, Edinburgh, Nottingham, Sheffield and Glasgow.<\/p>\n
Property portal Zoopla, which produced the figures by\u00a0combining the value\u00a0of all residential property\u00a0in Britain\u2019s top 10 largest cities, found that Bristol ranks as the second most valuable property market with a total value of\u00a0\u00a3115bn, the only UK city, aside from London,\u00a0to surpass the \u00a3100bn mark.<\/p>\n
Glasgow, which has witnessed one of the largest growth rates of all UK cities in the past year,\u00a0follows in third place with a property market value of \u00a390.75bn, significantly higher than the total value of Scotland’s capital Edinburgh, which comes sixth on the list with a total house market value of \u00a368.27bn.<\/p>\n
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Within each city, Zoopla found that highly affluent neighbourhoods contribute significantly more than any other to the city\u2019s total property wealth. In the capital, property in SW1 \u2013 which covers Belgravia, Pimlico and Westminster \u2013 holds a total value of \u00a354.57bn, which is almost as much as the entire city of Sheffield (\u00a355.67bn).<\/p>\n
Meanwhile, Bristol\u2019s upmarket BS16 neighbourhood \u2013 which encompasses Downend, Emersons Green, Fishponds, Frenchay and Staple Hill \u2013 tops the list as the city\u2019s most expensive enclave with a total value of \u00a310.1bn.<\/p>\n
Birmingham’s B13 (covering Moseley and Billesley) the city\u2019s most valuable area with a total value of \u00a33.97bn, while M20 (covering Didsbury and Withington) takes the top spot for Manchester at \u00a36.48bn.<\/p>\n
Zoopla’s Lawrence Hall said: “It comes as no surprise that London is significantly more valuable as a residential property market than any other British city.<\/p>\n
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“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. The capital may be worth almost 10 times more than Sheffield, but Britain\u2019s Steel City wins in the growth rate stakes.\u201d<\/p>\n
Sheffield’s property market has recorded the highest growth rate (5.63pc) of any British city, followed by Glasgow (5.38pc) and Manchester (4.49pc), Zoopla found. Reading follows London as the second slowest city for property value growth with just a 2.37pc increase over the past 12 months.<\/p>\n
Recent data from HM Land Registry and the Office for National Statistics shows that the London market shrugged off a sluggish few months at the end of 2017, with prices rising by \u00a34,000 in December compared with a drop of \u00a36,000 the previous month.<\/p>\n
Nevertheless, property experts predict that overall growth in the UK property market will remain flat this year. Capital Economics has forecast that house prices will grow by 2pc in 2018, while JLL predicted that the average property across the country would rise in value by just 1pc.<\/p>\n
The Royal Institution of Chartered Surveyors’ chief economist said the “lack of inventory on agents\u2019 books” was continuing to prove “a major challenge”, adding that the number of valuations being undertaken was “not suggestive of a pick-up in new supply anytime soon”.<\/p>\n
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Despite subdued house price growth in the capital over the past year, the market is more than twice as valuable as the next nine largest cities in the UK London’s property market is now worth more than \u00a31.5tn, an increase of 1.54pc in […]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-3115","post","type-post","status-publish","format-standard","hentry","category-news"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9PjAq-Of","_links":{"self":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/3115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/comments?post=3115"}],"version-history":[{"count":0,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/3115\/revisions"}],"wp:attachment":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/media?parent=3115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/categories?post=3115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/tags?post=3115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}