And while we would have expected London to be the most valuable city in the country based on the total worth of its residential properties, we were still a little surprised at just how far ahead it was of anywhere else in the UK.
(PRWeb UK) November 11, 2010
The homes in Britain’s ten biggest cities are worth £2.64 trillion – according to the latest analysis from property portal FindaProperty.com
Its calculation is based on the value of every home, from studio lofts through to luxury mansions, in the ten most populous cities in the country.
Assuming they were all sold at their current market value, FindaProperty.com believes they would add up to this huge figure.
And the national value has gone up slightly compared to this time last year, when homes in the same cities were worth £2.62 trillion (a difference of 1% or £12bn).
London was far ahead of any other UK metropolis in FindaProperty.com’s league table. It is 29 times more valuable than Glasgow in second place and 31 times more than Bristol in third. However by head of population Manchester is actually the second-most valuable city.
Nigel Lewis, property analyst at FindaProperty.com said: “We conducted this analysis because we think it’s the best way to track the full impact of fragile house prices during the current period of uncertainty.
“Looking just at specific property types or particular parts of a town can be misleading as these can vary wildly within the same place, so taking the overall value of properties within a city gives a fuller picture, we believe.
“And while we would have expected London to be the most valuable city in the country based on the total worth of its residential properties, we were still a little surprised at just how far ahead it was of anywhere else in the UK.”
FindaProperty.com’s league table of the UK’s largest 10 cities was as follows:
City Population Overall value Value per head of population
London 7,172,091 £2,143,872,216,622 £298,918.71
Glasgow 629,501 £73,878,010,687 £117,359.64
Bristol 420,556 £69,406,438,620 £165,034.95
Manchester 394,269 £67,753,956,012 £171,847.03
Birmingham 970,892 £64,141,844,100 £66,064.86
Leeds 443,247 £50,966,848,105 £114,985.21
Liverpool 469,017 £47,010,790,757 £100,232.59
Edinburgh 430,082 £42,994,162,402 £99,967.36
Leicester 330,574 £38,668,646,856 £116,974.25
Sheffield 439,866 £37,332,393,616 £84,872.20
FindaProperty.com is a leading property website with a comprehensive search facility for house-hunters looking for property to buy or rent. http://www.findaproperty.com
The site also holds independent editorial on the housing market, as well as guides to different aspects of the buying, selling and renting processes. These contain local information about council tax rates, school tables, crime rates, comments from local residents and photo albums, giving a general feel for an area.
Launched in 1997, FindaProperty.com now publishes the details of over 750,000 properties from over 11,000 agents, attracting 4 million unique visitors and generating 74 million page impressions a month.
FindaProperty.com has tools to make home hunting easier including the ability to add notes to properties of interest, check out distances from properties to key places, and search recent property sold prices.
FindaProperty.com is recognised as a leading source of consistent and reliable UK housing market data.
For further information:
Citigate Dewe Rogerson
0207 282 2815
# # #