As of January 2018 all the residential property in London is now worth an esitmated £1.5 trillion, more than double the £678 billion of nine other large UK cities, according to analysis from property website (and uSwitch partner) Zoopla.
However, it is also the city with the slowest rates of property price growth. So whilst London’s homes may be worth a lot, it’s not looking like they’re going to shoot up dramatically in value any time soon.
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A matter of size?
London remains the home to the UK’s most valuable properties in 2018, but with a metropolitan population of roughly 10 million (to the UK’s next largest city Birmingham’s population of 2.5 million) it’s also very much just a matter of size.
However, Bristol (a city with a population of roughly half a million) comes in at second place with total residential property value of around £115 billion, beating off its larger rivals of Glasgow (pop. 1 million), Birmingham (pop. 2.5 million) and Manchester (pop. 2 million) .
Comparison of total value of residential property by city
Total value of residential property and growth rates by city
|City/town||Percentage growth in last year||January 2018 value|
London “no surprise”, but look elsewhere for growth
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 ten times more than Sheffield, but Britain’s Steel City wins in the growth rate stakes.”
Where are prices going up fastest?
London is lagging behind when compared to other UK cities, with Sheffield and Glasgow racing ahead with growth rates of more than 5%.
Residential property growth rates by city
But many cities heading north from the midlands through to Scotland are showing robust house price growth, so if you live in or around one of these cities it could be worth checking the value of your home.
Among the other benefits of your home having a higher value, you might be able to get a better mortgage deal.
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