The City of Westminster in London came in as the most valuable area of the UK property market, based on total estimated value, with Kensington and Chelsea a close second, even though it ranks as the UK’s most expensive pocket of the market.
With 125,312 estimated dwellings worth an average of £963,725 ($1.3m), the property market in the London borough of the City of Westminster is currently worth £120.8bn, according to data compiled by GetAgent, an estate agent comparison website.
It analysed estimated dwelling stock figures from gov.uk and current average house prices by local authorities to see which areas are the most valuable from a property point of view.
Kensington and Chelsea isn’t far behind with 87,726 dwellings worth an average of £1.4m each, and a total market value of £120bn.
Wandsworth (£91.3bn) and Camden (£85.8bn) 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 was the only area outside of London to make it to the top five on a list compiled by GetAgent. With 441,536 properties, and an average house price of £189,988, the city is home to a property market worth £83.886bn.
Edinburgh ranked as the ninth most valuable in the UK and the second most valuable outside of London, with the property market worth an estimated £70.6bn.
Leeds also makes the top 10 most valuable markets in the UK coming in at £69.1bn.
“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,” said GetAgent’s founder and CEO, Colby Short.
“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,” he added.
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