Successive years of growth in London’s property prices has left the capital with a vast £1.5 trillion real estate valuation – more than twice the value of the UK’s next nine largest cities combined.
An individual postcode in London, SW1, which includes Belgravia, Pimlico and Westminster, has property worth as much as the whole of Sheffield, with its half million population.
Sheffield was a star performer in the property values ladder in 2017, according to a report by online real estate company Zoopla. It analysed prices in the UK’s 10 largest cities in 2017, concluding that homes in London rose by just 1.5 per cent over the year – the lowest rate of all 10 cities.
‘It comes as no surprise that London is significantly more valuable as a residential property market than any other British city,’ said Lawrence Hall at Zoopla. ‘However, the data does show that, in comparison to cities further north and across the Scottish border, the rate of growth in London has slowed.’
The ranking of Sheffield at the head of the list is notable, since the city has invested heavily in transforming its image over recent years, shedding its earlier reputation as a centre of heavy industry (particularly in coal mining and steel production) and promoting high tech enterprises and service industries.
The city centre now has pedestrian-only plazas and electric trams to transport citizens around the pleasant squares and parks. It has a thriving sports community with two football teams and easy access to unspoilt countryside close to the city.
Behind London with its £1.5 trillion valuation come Bristol (£115 billion), Glasgow (£90 billion), Birmingham (£81 billion), Manchester (£80 billion) and Edinburgh (£68 billion).