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London's residential property market worth £1.5 trillion

25th February 2018

  • The value of London’s homes is now worth almost a fifth (18.53 per cent) of the total British property market (£8.13 trillion)
  • Outside of the capital, Bristol is Britain’s most valuable residential market, with a total value of over £115 billion
  • Of Britain’s top 10 largest cities, Sheffield has the highest annual growth rate (5.63 per cent), up by £2.97 billion year-on-year

Zoopla has revealed that the total value of London’s residential property market has now surpassed the £1.5 trillion mark and is more than twice as valuable as the next nine largest cities in Britain, including Glasgow, Birmingham, Manchester and Bristol. The value of London’s housing now stands at £1.5 trillion - up 1.54 per cent in the past 12 months, which is the slowest growth rate of any of the top 10 cities.

Zoopla analysed the total value of all residential property in Britain’s top 10 largest cities to find that outside of London, Bristol tops the list with a total value of £115.21 billion. It is the only other British city to surpass the £100 billion mark. Glasgow follows in third place with a property market value of £90.75 billion. The Scottish city has witnessed one of the largest growth rates of all cities in the past year – up 5.38 per cent– and is significantly above the total value of the Scottish capital, Edinburgh, which placed sixth (£68.27 billion).

Often referred to as England’s second city, Birmingham takes fourth place in Zoopla’s rankings, with a total property market value of £81.67 billion. It narrowly beats Manchester, which takes fifth place (£80.48 billion). Nottingham (£66.14 billion), Reading (£60.56 billion), Leeds (£59.05 billion) and Sheffield (£55.69 billion) take seventh, eighth, ninth and 10th place respectively.

Within every city there are highly affluent neighbourhoods* which contribute significantly more than any other to the city’s total property wealth. In the capital, SW1 (Belgravia, Pimlico and Westminster) holds a total value of £54.57 billion – almost as valuable as the entire city of Sheffield (£55.67 billion). Meanwhile, Bristol’s upmarket BS16 neighbourhood tops the list as the city’s most expensive enclave, and encompasses Downend, Emersons Green, Fishponds, Frenchay, Pucklechurch and Staple Hill has a total value of £10.1 billion. In Glasgow, G12, which includes the West End and the University of Glasgow, has an impressive total property value of £4.27 billion. B13 (Moseley and Billesley) is Birmingham’s most valuable area (£3.97 billion), while M20 (Didsbury and Withington) takes the top spot for Manchester (£6.48 billion).

Of the top 10 cities, Sheffield has the highest growth rate (5.63 per cent) and is up by £2.97 billion year-on-year, followed by Glasgow at 5.38 per cent (£4.63 billion) and Manchester at 4.49 per cent (£3.46 billion). While the north is growing at a faster rate, there appears to be slowdown in the South East of England. Reading follows London as the second slowest city for property value growth – just a 2.37 per cent rise in the last 12 months.

Lawrence Hall, spokesperson for Zoopla comments: “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. The capital may be worth almost 10 times more than Sheffield, but Britain’s Steel City wins in the growth rate stakes.”

Top 10 cities by total property value

Rank City/Town Percentage growth in last year £ value growth in last year January 2018 value
1 London 1.54% £22,806,514,896 £1,506,705,189,900
2 Bristol 3.80% £4,217,388,232 £115,207,474,096
3 Glasgow 5.38% £4,634,764,029 £90,750,982,705
4 Birmingham 4.08% £3,199,433,911 £81,663,640,814
5 Manchester 4.49% £3,461,639,352 £80,478,598,208
6 Edinburgh 4.04% £2,652,942,828 £68,271,091,728
7 Nottingham 3.69% £2,355,278,148 £66,136,609,714
8 Reading 2.37% £1,402,545,352 £60,555,052,948
9 Leeds 4.20% £2,381,334,563 £59,053,360,365
10 Sheffield 5.63% £2,966,994,110 £55,698,871,773

Source: Zoopla, January 2018

Most valuable area (outcode) in each of the top 10 cities, ranked by total value

Rank City/Town and most valuable outcode Percentage growth in last year £ value growth in last year January 2018 value
1 London (SW1) 0.01% £6,579,708 £54,565,636,330
2 Bristol (BS16) 4.43% £428,212,385 £10,098,398,508
3 Glasgow (G12) 7.18% £286,094,890 £4,272,841,639
4 Birmingham (B13) 5.37% £202,352,222 £3,970,330,379
5 Manchester (M20) 4.78% £295,516,943 £6,483,551,267
6 Edinburgh (EH4) 5.09% £417,228,146 £8,613,013,155
7 Nottingham (NG9) 5.31% £349,564,782 £6,930,343,660
8 Reading (RG4) 1.23% £103,730,162 £8,547,507,566
9 Leeds (LS17) 5.63% £344,547,428 £6,460,421,999
10 Sheffield (S10) 5.39% £291,178,012 £5,689,837,525

Source: Zoopla, January 2018

- Ends -

For further information, please contact PR Team on pr@zoopla.co.uk or +44 (0)20 3873 8770.

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