London's residential property market worth £1.5 trillion
25th February 2018
- The value of London’s homes 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|
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|
- Ends -
For further information, please contact Tim Vooght at firstname.lastname@example.org or on 020 3872 5615.
Notes to editors
Zoopla is the UK's most comprehensive property website, focused on empowering users with the resources they need to make better-informed property decisions. We help consumers both find their next home and research the market by combining hundreds of thousands of property listings with market data, local information and community tools.
At Zoopla we are fans of transparency and everything we do is aimed at making the market more efficient for both property consumers and advertisers alike. Zoopla has rapidly become the UK’s leading online destination for property consumers to search for homes and do their market research and the favoured online marketing partner for UK estate agents, letting agents and property developers.
Launched in 2008, Zoopla has since been one of the fastest growing websites in the UK, now attracting over 40 million visits per month and we are proud to have collected numerous awards and accolades along the way, including being named one of the Top 10 UK Tech Companies (Guardian) and one of the Top 10 Most Innovative UK Companies (Smarta).
Zoopla is part of Zoopla Limited which was founded in 2007.
Zoopla Limited, The Cooperage, 5 Copper Row, London, SE1 2LH
Registered in England and Wales with Company No. 09005884
VAT Registration number: 191 2231 33
Data Protection number: Z9972266