New research by property website Zoopla has revealed the total value of residential property in Britain’s top ten largest cities.
Perhaps unsurprisingly, London is home to the most valuable residential property market, with a total value of around £1.5 trillion. This makes London more than twice as valuable as the next nine largest cities in Britain, including Glasgow, Birmingham, Manchester and Bristol. However, the total value of London’s housing has only increased by 1.54% per cent in the past 12 months, which is the slowest growth rate of any of the top ten cities.
In second place is Bristol, with a total value of £115.21 billion, making it 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 apparently witnessed one of the largest growth rates of all cities in the past year – up 5.38%– 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.
“It comes as no surprise that London is significantly more valuable as a residential property market than any other British city,” commented 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. The capital may be worth almost ten times more than Sheffield, but Britain’s Steel City wins in the growth rate stakes.”
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