The most valuable pockets of the UK property market

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£250bn worth of property has been sold in the UK in the last 12 months with the wealthiest local market situated north of the Scottish border.

New research has analyzed the total volume and combined value of UK property sales over the past 12 months to find out how the market has reacted to the recent economic crisis and to reveal where the country’s richest local markets are located.

Over the past year, 869,560 homes were sold with a combined value of £249.7bn.

Compared to the prior 12 months, this is a -23.5% drop in volume, leading to a -16.3% decline in cumulative value.

This is despite a 9.5% house price increase over the same period.

The most valuable local property market in the last 12 months is Edinburgh, where 11,295 sales worth £3.7bn have been completed.

Edinburgh is followed by Buckinghamshire, where sales total £3.4bn, along with Wandworth in south London, where £3bn worth of homes have been sold over the past year.

In Yorkshire, sales in the last 12 months were £2.5bn, while Kensington & Chelsea (£2.5bn), Somerset (£2.5bn), Cornwall (£2.5bn), Belfast (£2.4bn), Birmingham (£2.35bn) and Wiltshire (£2.3bn) are among the richest property markets in the UK.

At the other end of the spectrum, Merthyr Tydfil and Blaenau Gwent in Wales are the least valuable pockets of the property market in the entire mainland UK, with just £109.5m and £122m worth of properties sold over the last anus.

Perhaps surprisingly, the City of London comes in third, where despite an average house price of £877,562, only £123.7m of property has been sold in the last year.

Alice Bullard, CEO of nestedthe modern estate agent responsible for the investigation, commented:

“Despite the fact that the heat has faded from the pandemic property market boom, there has still been a staggering number of property transactions in the last 12 months, to the tune of nearly £250bn.

This shows that despite the tougher market conditions that have materialized, buyers are still acting with intent and homes are selling, albeit at a slower pace and slightly lower price than we have seen in months. previous.

Of course, the fragmented nature of the UK property market means that some areas continue to see the market move at high speed, and in places like Edinburgh and Buckinghamshire, the market remains very active.”