The total value of London’s 3.8 million homes has reached an estimated £2.64trn, according to new research from Zoopla.

Although the capital has trailed behind much of the UK in terms of house price growth over the past decade, London’s property market still represents a significant share of national wealth — almost 24% of the UK’s total residential property market, which stands at around £10.8trn.

A breakdown of the capital’s 32 boroughs reveals the scale and distribution of this value. The City of Westminster tops the list as London’s most valuable housing market, worth £175.1bn – equivalent to 6.7% of the city’s total.

Together, the top five boroughs – Westminster, Kensington and Chelsea, Wandsworth, Camden, and Barnet – hold more than £700bn in combined housing value, representing 21% of London’s total market.

While the prestigious boroughs of Westminster, Kensington and Chelsea, and Wandsworth lead the way in terms of total residential value, other high-priced areas such as Richmond upon Thames and Hammersmith and Fulham contribute less to the overall figure than more affordable but densely populated boroughs like Southwark and Lambeth.

Despite lower median house prices, the five most affordable boroughs — Barking and Dagenham, Croydon, Lewisham, Newham, and Bexley — collectively account for 11% of London’s total housing value. This is largely driven by the volume of housing stock, as these areas contain around 16% of the capital’s homes, even though individual property values sit below the city’s average.

Top five value of housing by London borough 

Source: Zoopla Research 2025

In outer London, which features 56% of the capital’s residential properties, Barnet is the highest-value borough with a combined residential housing value of £117.6bn.

With the second highest volume of homes after Croydon, the value of the area is driven up by the number of family homes, rather than the median house price, which sits at a mid-range of £562,600.

Collectively, the outer London boroughs account for a significant 49% of the total residential value of London. After Barnet, boroughs like Ealing (£92bn) and Bromley (£90bn) lead the way in terms of overall housing value, again largely driven by the sheer volume and density of homes.

Top five most affordable housing by London borough 

Source: Zoopla Research 2025

The research reveals the sheer scale of London’s residential market value, which remains comparable to the world’s largest economic entities and corporations, despite being impacted by recent economic headwinds such as Brexit, the pandemic and sustained high interest rates. At an estimated £2.6trn, the market value exceeds the combined market capitalisation of all FTSE 100 companies [£2.5trn].

However, despite the scale of the value of housing in London, the capital has seen a prolonged period of weaker house price inflation, largely impacted by the high cost of housing. Over the last decade, inner London home values have risen by 10% (less than 1% a year), significantly under performing the 41% increase in average UK home values over the same period.

Additionally, slower house price inflation in inner London, caused by a softening of demand due to economic and tax changes, has shifted the balance within the capital. This explains why the difference in overall housing value between inner and outer London is closer than might be expected – the volume of homes in outer London outweighs the lower volume of higher value homes in inner London.

Richard Donnell, executive director at Zoopla, said: “London’s housing market remains the most valuable market in the UK, but higher home values have created affordability problems that have held back house price inflation over the last decade compared to the UK as a whole. Earnings are rising faster than house prices which is helping to reset affordability and opening up more opportunities for homeowners to move home while broadly static home prices in inner London are presenting increasing opportunities for savvy home buyers”