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London property market worth more than Bristol, Glasgow, Birmingham, Manchester, Edinburgh, Nottingham, Reading, Leeds and Sheffield’s combined

The total value of London’s property market doubles that of the next nine largest cities, a new report has revealed.

Despite an all-round slowdown in price growth, online estate agent Zoopla said London’s combined value of £1.5 trillion is more than double that of Bristol, Glasgow, Birmingham, Manchester, Edinburgh, Nottingham, Reading, Leeds and Sheffield combined.

Bristol is the only other city to break the £100 billion mark, with a combined value of just over £115 billion, helped by strong demand in the affluent Downend, Emersons Green, Fishponds, Frenchay and Staple Hill neighbourhoods.

London tells a similar story, with property in Belgravia, Pimlico and Westminster making up a total value of £54.57 billion alone.

Despite a huge difference in overall values, growth has slowed slightly to 1.5 per cent in the capital. This is compared to Sheffield, which grew at 5.6 per cent in 2017, and Bristol at 3.8 per cent.

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

The top 10 UK cities by total property value

1 London £1.5tn
2 Bristol £115bn
3 Glasgow £90bn
4 Birmingham £81bn
5 Manchester £80bn
6 Edinburgh £68bn
7 Nottingham £66bn
8 Reading £60bn
9 Leeds £59bn
10 Sheffield £55bn

 

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ELS Legal is an international law firm based in London with more than 50 partner offices across the world. As part of the Cathay Associates global legal network, we are the first choice law firm for a number of British businesses and overseas clients.

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