UK property market pain points revealed

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The UK property market has seen £250bn worth of property sales over the past year, with the wealthiest local market located north of the Scottish borders, according to an analysis by Nested.

The study examined the combined volume and value of UK property sales over the last 12 months, shedding light on how the market has responded to recent economic uncertainties and revealing the wealthiest local markets in the country.

Over the past year, a total of 869,560 homes have been sold, with a combined value of £249.7bn. These figures represent a 23.5% decrease in sales volume compared to the previous year, which translates into a drop in accumulated value of 16.3%. This decline came despite a 9.5% increase in house prices over the same period.

The City of Edinburgh emerged as the most valuable local property market in the past 12 months, with 11,295 completed sales worth £3.7bn. It is closely followed by Buckinghamshire, where sales reached £3.4bn, and Wandsworth in south-west London, with a total of £3bn worth of homes sold last year.

Other notable regions with high real estate values ​​include Yorkshire (£2.5bn), Kensington & Chelsea (£2.5bn), Somerset (£2.5bn), Cornwall (£2.5bn), Belfast (£2.4bn), Birmingham (£2.35bn) and Wiltshire (£2.3bn).

By contrast, Merthyr Tydfil and Blaenau Gwent in Wales were identified as the least valuable areas in the UK mainland property market, with £109.5m and £122m worth of properties sold respectively last year.

The City of London, despite its median house price of £877,562, ranked third in terms of low sales volume, with £123.7m worth of properties sold in the area during the year past.

Alice Bullard, Managing Director of Nested, commented: “Even though the heat has faded from the pandemic property market boom, there has still been a staggering number of property transactions over the past 12 months, topping out at almost £250,000. millions.

“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 previous months. .

“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.”