London Tops The Tables
The total value of London’s homes is now over £1.5 trillion – more than twice the value of Britain’s next nine largest cities combined – analysis has found. Zoopla made the findings after analysing property values in Britain’s 10 largest cities.
It found the total value of London’s housing has increased by 1.54% over the past 12 months – the slowest growth rate of any of the top 10 cities. Sheffield had the highest annual growth rate at 5.63%, followed by Glasgow at 5.38% and Manchester at 4.49%. Bristol is the next most valuable city after London, with homes there worth an estimated £115.21 billion. Bristol is the only city in Britain apart from London where the total value of homes is over £100 billion.
Glasgow is in third place with a property market value of £90.75 billion, having also seen particularly strong growth in property values over the past year compared with the other major cities. Lawrence Hall, a spokesman for Zoopla, 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.”
The research also looked at the pockets in each city where total property values are particularly high. Within London, the SW1 area, which includes Belgravia, Pimlico and Westminster, was identified as being the most valuable area of the capital. Homes there are worth £54.57 billion in total – nearly as much as the whole of Sheffield’s housing – according to these estimates.
Bristol’s BS16 neighbourhood was identified as the city’s most valuable enclave, with a total value of £10.1 billion. The area includes Downend, Emersons Green, Fishponds, French, Pucklechurch and Staple Hill.
In Glasgow, G12, which includes the West End and the University of Glasgow, has a total property value of £4.27 billion, while Birmingham’s most valuable area is B13, including Moseley and Billesley, with a total value of £3.97 billion, according to the findings.
Meanwhile, homes in the M20 area of Manchester, which includes Didsbury and Withington, are valued at a total of £6.48 billion.
Summary / Conclusion
At McCarthy Holden there was no surprise in London topping the tables, however there is an interesting trend currently because there is a significant uplift in buyers leaving London to find a new home and settle in places like Fleet, Odiham and Hartley Wintney, perhaps indicating that lifestyle and environmental criteria play an important a part in moving house.
Here is the annual percentage growth in the value of homes, according to the research, followed by the total value in January 2018:
1. London, 1.54%, £1.506 trillion
2. Bristol, 3.8%, £115.21 billion
3. Glasgow, 5.38% £90.75 billion
4. Birmingham, 4.08%, £81.66 billion
5. Manchester, 4.49%, £80.47 billion
6. Edinburgh, 4.04%, £68.27 billion
7. Nottingham, 3.69%, £66.13 billion
8. Reading, 2.37%, £60.55 billion
9. Leeds, 4.2%, £59.05 billion
10. Sheffield, 5.63%, £55.69 billion
And here are the most valuable areas in each of the top 10 cities and the annual percentage growth in their value, according to Zoopla (cities ranked in order of the total housing value in each city):
1. London, SW1, includes Belgravia, Pimlico, Westminster, 0.01%, £54.57 billion
2. Bristol, BS16, includes Downend, Emersons Green, Fishponds, 4.43%, £10.1 billion
3. Glasgow, G12, includes West End, Cleveden, Dowanhill, 7.18%, £4.27 billion
4. Birmingham, B13, includes Moseley, Billesley, 5.37%, £3.97 billion
5. Manchester, M20, includes Didsbury, Withington, 4.78%, £6.48 billion
6. Edinburgh EH4, includes Dean Village, Comely Bank, 5.09%, £8.61 billion
7. Nottingham, NG9, includes Beeston, Stapleford, Lenton Abbey, 5.31%, £6.93 billion
8. Reading, RG4, includes Caversham, Sonning, Sonning Common, 1.23%, £8.54 billion
9. Leeds, LS17, includes Alwoodley, Bardsey, East Keswick, Eccup, 5.63%, £6.46 billion
10. Sheffield, S10 includes Broomhill, Broomhall, Crookes, 5.39%, £5.68 billion