Price growth in London may be slowing but homes are still more than twice as valuable as the combined value of the next nine largest cities in Britain, including Bristol, Glasgow and Birmingham.
The total value of London’s houses is now more than £1.5 trillion, which is more than double the £678 billion that the other nine cities come to, according to the latest research from property portal Zoopla.
Second in terms of overall value of homes is Bristol at £115.21 billion which is 27 times higher than Sheffield, the city with the lowest total value of £55.67 billion. However, Sheffield has the highest growth with prices rising by 5.6% in 2017.
Glasgow recorded the second largest growth rates of all cities with prices up 5.4% to an overall value of £90.75 billion, above Edinburgh which is in sixth place at £68.27billion.
Birmingham is in fourth place in Zoopla’s rankings, with a total property market value of £81.67 billion, followed by Manchester in fifth place with homes valued at £80.48 billion.
The Zoopla report points out that a wide gap between London and the rest of the UK’s big cities remains despite London recording the slowest house price growth in 2017 at 1.5%.
‘It comes as no surprise that London is significantly more valuable as a residential property market than any other British city,’ said Lawrence Hall, spokesperson for Zoopla.
‘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,’ he added.
The research also looked at the pockets in each city where total property values are particularly high. Within London, the SW1 area, which includes the affluent neighbourhoods of Belgravia, Pimlico and Westminster, was identified as being the most valuable area of the capital with homes worth £54.57 billion in total, nearly as much as the whole of Sheffield’s housing.
Bristol’s upmarket BS16 neighbourhood tops the list as the city’s most expensive location with a total value of £10.1 billion and in Glasgow, G12, which includes the West End and the University of Glasgow, has a total property value of £4.27 billion.
The most valuable area in Birmingham is B13, which includes Moseley and Billesley with property valued at £3.97 billion, while M20 takes the top spot for Manchester at £6.48 billion.