London’s property market has had a rocky few years with the consecutive hurdles of tax rises, Brexit, political uncertainty and the pandemic having resulted in stagnating values.
But while dramatic price gains haven’t been prevalent in the city, it remains the most valuable home market in the U.K.—and by a sizable margin, according to data Wednesday from property platform Boomin.
With 3.6 million homes found across the capital and an average property price of £516,000 (US$706,791), London’s residential market is worth £1.9 trillion, the report said.
The city is home to the largest property market in the country, as well as the most expensive one.
“London’s position as the U.K.’s top city is unlikely to be contested any time soon,” Michael Bruce, CEO and founder of Boomin, said in the report. “Such is the scale and value of the capital’s property market, it would take something quite extraordinary to dethrone it.”
In staying true to its name, the U.K.’s so-called second city, Birmingham, ranked as the second most valuable property market.
With an average house price of £209,000 and 445,000 homes, Birmingham’s housing market value stands at £93 billion. The city has “enjoyed a large level of regeneration and investment and it’s likely that house prices will continue to climb over the coming years which will further boost the total value of the Birmingham property market,” Mr. Bruce said.
Edinburgh ranked third with a property stock value of £79 billion, and Leeds and Bristol rounded out the top five, with market values of £76.5 billion and £63 billion, respectively.
“While much has been made about the exodus of urban home buyers to greener pandemic pastures, our major cities continue to act as the cornerstone of the property market and their size and value is only going to grow stronger, as our population increases and the next generation of home buyers enters the market,” Mr. Bruce added.