GetAgent has analysed estimated dwelling stock figures from Gov.uk and the current average house price by local authority to see which areas are the most valuable from a property point of view, and found that Kensington and Chelsea is unsurprisingly the UK’s most expensive pocket of the property market for property prices.
But Kensington and Chelsea ranks second when it comes to the most valuable area, beaten by the City of Westminster. With 125,312 estimated dwellings worth an average of £963,725, the property market in the London borough is a worth £120.766bn today, based on the research.
Kensington and Chelsea is not far behind with 87,726 dwellings worth an average of £1.368m each and a total market value of £120.037bn.
Wandsworth (£91.319bn) and Camden (£85.754bn) rank as the next most valuable pockets of the UK property market, with Barnet, Lambeth and Islington also making the top 10 for the capital.
Birmingham is the most valuable property market outside of London and the fifth most valuable across the UK as a whole. With 441,536 properties and an average house price of £189,988, the city is home to a property market worth £83.886bn.
Edinburgh ranks as the ninth most valuable in the UK and the second most valuable outside of London with the property market worth an estimated £70.594bn.
Leeds also makes the top 10 most valuable markets in the UK (£69.062bn), with Cornwall, Wiltshire, Bristol, Bournemouth Christchurch and Poole, Brighton and Hove, Glasgow, Manchester and Sheffield ranking as some of the most valuable property markets outside of London.
Colby Short, founder and CEO of GetAgent.co.uk, said: “We’re used to hearing about how expensive certain parts of the UK property market are but when you consider price in relation to the volume of housing stock, it really highlights how valuable the UK property market is as a whole.
“With prices continuing to climb as a result of a stamp duty holiday saving we should see the UK property market grow even further in value over the coming months. While some areas will always command a higher price tag, they will also continue to play second fiddle to those with a greater abundance of stock where overall value is concerned.”
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Table shows the estimated level of dwellings, the average house price and the total estimated value of each market
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Location
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Estimated dwelling stock
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Average house price (latest Aug 2020)
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Estimated total value of market
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London
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3,592,322
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£489,159
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£1,757,216,780,826
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South East
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3,943,537
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£332,147
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£1,309,833,883,888
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East of England
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2,705,425
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£296,411
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£801,918,222,833
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South West
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2,579,210
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£264,886
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£683,197,271,756
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North West
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3,300,088
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£173,617
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£572,951,697,992
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West Midlands Region
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2,512,503
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£204,886
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£514,776,847,799
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East Midlands
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2,103,080
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£202,345
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£425,546,694,836
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Yorkshire and The Humber
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2,440,528
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£170,025
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£414,951,928,058
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Scotland
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2,605,000
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£155,191
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£404,272,521,135
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Wales
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1,437,567
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£172,828
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£248,451,236,415
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North East
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1,236,808
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£131,701
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£162,888,280,473
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Northern Ireland
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807,812
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£141,131
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£114,006,949,514
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United Kingdom
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29,263,879
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£239,196
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£6,999,802,355,431
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Table shows the top 10 most valuable areas of the UK property market based on total estimated value
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Location
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Estimated dwelling stock
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Average house price (latest Aug 2020)
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Estimated total value of market
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City of Westminster
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125,312
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£963,725
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£120,766,328,729
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Kensington and Chelsea
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87,726
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£1,368,318
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£120,037,023,023
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Wandsworth
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148,075
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£616,711
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£91,319,484,287
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Camden
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105,598
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£812,080
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£85,753,980,788
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Birmingham
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441,536
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£189,988
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£83,886,337,843
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Barnet
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152,946
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£522,846
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£79,966,944,029
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Lambeth
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141,507
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£546,470
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£77,329,305,229
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Islington
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103,740
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£736,991
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£76,455,489,122
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City of Edinburgh
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248,000
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£284,654
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£70,594,202,738
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Leeds
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350,524
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£197,026
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£69,062,492,419
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Table shows the top 10 most valuable areas of the UK property market exc London based on total estimated value
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Location
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Estimated dwelling stock
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Average house price (latest Aug 2020)
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Estimated total value of market
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Birmingham
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441,536
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£189,988
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£83,886,337,843
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City of Edinburgh
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248,000
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£284,654
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£70,594,202,738
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Leeds
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350,524
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£197,026
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£69,062,492,419
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Cornwall
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280,474
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£241,851
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£67,832,946,319
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City of Bristol
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200,614
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£298,531
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£59,889,574,348
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Bournemouth, Christchurch and Poole
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183,759
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£292,811
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£53,806,678,196
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Brighton and Hove
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127,981
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£379,045
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£48,510,495,818
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City of Glasgow
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310,000
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£142,690
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£44,233,878,145
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Manchester
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226,995
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£188,922
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£42,884,274,686
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Sheffield
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248,804
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£169,464
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£42,163,396,518
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and?
What actual use is this? Outcode +1 isn’t enough to define a local area let alone a local hot spot so this isn’t saying much.
It certainly doesn’t reflect the coastal migration that’s allowing agents to agree sales at insane prices only to find their vendor is priced out of moving on so can’t move
I mentioned to an agent in the village how I’ve had a calls to see if I want to move ‘30% over the odds to help a chain complete’ the reply I got was ‘I have 8 people waiting and you’ll probably get a bit more than that!’
It’s 1988 again! only at 8x the prices of then
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