Interesting new research conducted by property specialist Zoopla, shows the total value of residential property in Britain’s top ten largest cities. It reveals some interesting findings, some which we are not surprised with, but others are a revelation.
Predictably, London comes out top of the list for valuable residential property market, (who’d have guessed it) with a total value of around £1.5 trillion. This puts London in a value that is twice as more valuable than the next nine largest cities in Britain, including Glasgow, Birmingham, Manchester and Bristol.
However, the growth rate in value is the slowest in comparison – having only increased by 1.54% per cent in the past 12 months, in comparison to the likes of Sheffield, where the residential properties value has increased by 5.63% over the past 12 months.
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 seemingly seen one of the prevalent 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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