0:06 AM, 25th May 2023, About 6 months ago
Over the last 12 months, £250bn worth of property has been sold in the UK with the richest local market – surprisingly – being found north of the Scottish border.
Estate agents Nested analysed the total volume and combined value of property sales to reveal which areas are booming, and which ones are struggling.
It says that more than 869,560 homes were sold in the last year, with a combined value of £249.7bn.
Compared to the previous year, there has been a massive -23.5% fall in sales volume, leading to a -16.3% drop in cumulative value.
And that’s despite a 9.5% increase in house prices over the same period.
Nested’s managing director, Alice Bullard, said: “Despite the fact that the heat has well and truly faded from the pandemic property market boom, there has still been a staggering sum of property transact over the last 12 months, to the tune of almost £250 billion.
“This demonstrates that despite the tougher market conditions that have materialised, buyers are still acting with intent and homes are selling, albeit at a slower rate and a slightly lower price than we’ve seen over previous months.”
She added: “Of course, the fragmented nature of the UK property market means that some areas are continuing to see the market move at speed and, in the likes of Edinburgh and Buckinghamshire, the market remains very hot indeed.”
Edinburgh has bagged the top spot as the most valuable local property market in the UK with a whopping 11,295 sales completed.
The city’s property market is now valued at £3.7bn.
Following closely behind is Buckinghamshire with sales of £3.4bn, and Wandsworth, South London, with a value of £3bn worth of homes sold in the last year.
Other elite spots include Yorkshire (£2.5bn), Kensington and Chelsea (£2.5bn), Somerset (£2.5bn), Cornwall (£2.5bn), Belfast (£2.4bn), Birmingham (£2.35bn) and Wiltshire (£2.3bn).
At the bottom of the list are Merthyr Tydfil and Blaenau Gwent, which are the least valuable pockets of the property market in the UK with just £109.5m and £122m worth of property sold.
Another surprising result in Nested’s analysis is that the City of London ranks third on the list, even with an average house price of £877,562, only £123.7m of property has been sold in the last year.
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