While the capital has lagged behind the rest of the UK where pandemic house price appreciation is concerned, it remains, unsurprisingly, by far the most valuable city in the UK.
Research from property platform, Boomin, highlighted the value of major UK cities based on their total number of properties and the current average price of a home, to reveal the total worth of each city’s bricks and mortar portfolio.
With a huge 3.6 million homes found across the capital, it’s not only home to the largest property market, but it remains the most expensive with the average home now costing £516,000.
As a result, the total value of London’s property market currently stands at an eye-watering £1.9 trillion.
The UK’s ‘second city’, Birmingham, is also the second most valuable from a property market standpoint. With an average house price of £209,000 and 445,000 total dwellings, Birmingham is home to a total housing market value of £93bn.
The Scottish capital, Edinburgh, ranks third with a total property stock value of £79bn, followed by Leeds (£76.5bn), Bristol (£63bn), Bournemouth (£58.5bn), Glasgow (£51bn), Sheffield (£49bn), Manchester (£49bn) and Liverpool (£39.5bn).
At the other end of the scale, Newport has a total housing stock value of just £14.5bn, followed by Aberdeen (£17.5bn), Sunderland (£17.5bn), Swansea (£20bn), and Portsmouth (£20bn).
Michael Bruce, CEO and Founder of Boomin, says: “London’s position as the UK’s top city is unlikely to be contested any time soon. Such is the scale and value of the capital’s property market, it would take something quite extraordinary to dethrone it.
“Birmingham has also firmly cemented itself as our true second city, at least where the sheer volume of housing stock is concerned. The city has also enjoyed a large level of regeneration and investment and it’s likely that house prices will continue to climb over the coming years which will further boost the total value of the Birmingham property market.
“While much has been made about the exodus of urban homebuyers to greener pandemic pastures, our major cities continue to act as the cornerstone of the property market and their size and value is only going to grow stronger, as our population increases and the next generation of homebuyers enters the market.”