Recent analysis has unveiled the hottest property markets in the UK
May 29, 2023 | Investment Oracle
Nested’s analysis reveals that the UK property market has experienced a remarkable £250 billion in property sales in the past year, with the wealthiest local market located north of the Scottish border. The study examined the total volume and combined value of property sales across the UK over the past 12 months, providing insights into the market’s response to recent economic uncertainties while uncovering the country’s most affluent local markets.
During this period, a total of 869,560 homes were sold, amounting to a combined value of £249.7 billion. These figures indicate a decline of 23.5% in sales volume compared to the previous year, resulting in a cumulative drop in value of 16.3%. Remarkably, this decline occurred despite a 9.5% increase in house prices within the same timeframe.
The city of Edinburgh emerged as the most valuable local property market over the past 12 months, with 11,295 completed sales totaling £3.7 billion. In close pursuit was Buckinghamshire, with sales reaching £3.4 billion, followed by Wandsworth in southwest London, where a total of £3 billion worth of homes were sold in the last year.
Several other regions also boasted high property market values, including Yorkshire (£2.5 billion), Kensington & Chelsea (£2.5 billion), Somerset (£2.5 billion), Cornwall (£2.5 billion), Belfast (£2.4 billion), Birmingham (£2.35 billion), and Wiltshire (£2.3 billion).
In contrast, Merthyr Tydfil and Blaenau Gwent in Wales were identified as the least valuable areas in the UK mainland property market, with property sales worth £109.5 million and £122 million, respectively, in the past year.
Despite the average house price in the City of London being £877,562, it ranked third in terms of low sales volume, with £123.7 million worth of property sold within the area over the past year.
Commenting on the findings, Alice Bullard, the managing director at Nested, stated, “Although the frenzy from the pandemic property market boom has subsided, there have still been staggering property transactions in the past 12 months, amounting to almost £250 billion.”
Bullard further noted, “This demonstrates that despite the challenging market conditions, buyers are still active, and homes are selling, albeit at a slower rate and slightly lower prices than in previous months. Naturally, the fragmented nature of the UK property market means that some areas continue to experience rapid market movement, and in places like Edinburgh and Buckinghamshire, the market remains highly active.”
“Despite the challenging market conditions, buyers are still active, and homes are selling, albeit at a slower rate and slightly lower prices than in previous months. Naturally, the fragmented nature of the UK property market means that some areas continue to experience rapid market movement, and in places like Edinburgh and Buckinghamshire, the market remains highly active.”
Alice Bullard, MD of Nested
The analysis showcases the varied nature of the UK property market, with some regions experiencing rapid market movement. Edinburgh and Buckinghamshire, in particular, continue to demonstrate strong demand and high market activity.
You can view our current listings here