The UK property market has witnessed £250bn worth of property sales over the past year, with the richest local market located north of the Scottish border, according to analysis by Nested.

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

Within the past year, a total of 869,560 homes were sold, amounting to a combined value of £249.7bn. These figures represent a decline of 23.5% in sales volume compared to the previous year, resulting in a cumulative value drop of 16.3%. This decline occurred despite a 9.5% increase in house prices during the same period.

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

Other notable regions with high property market 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).

Conversely, 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 property sold respectively in the past year.

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

Alice Bullard, managing director at Nested, commented: “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 transactions over the last 12 months, to the tune of almost £250bn. 

“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. 

“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.”