London houses worth more than Scotland, Wales and north combined

 

The value of housing stock in London has hit £1.3trn, while the total value of all UK homes is now at a record high of more than £6trn.

With the UK housing market continuing to hit the headlines, new research from Halifax reveals the extent of the massive gains made over the past 10 years, as housing stock value reaches its highest ever level.

London property, unsurprisingly, and the south of England in general, have enjoyed the biggest rise, with the capital city seeing values leap from £718bn in 2007 to £1,338bn in 2017. This is more than the total value of all the houses in Scotland, Wales and the north of England put together.

By contrast, the north-east saw a much smaller rise of £22bn over the 10-year period, from £114bn to £136bn, and the value of housing stock in Northern Ireland actually decreased from £121bn to £92bn.

The number of privately owned homes has also grown from 21.5 million to 23.4 million, with a majority of the housing wealth – 63.3% – being owned by over-55s. Just 3.3% is owned by under-35-year-olds, although this could be set to see a shift with the latest stamp duty changes for first-time buyers.

Role reversal

Reversing a trend going back many years, the latest research by Savills showed that London is expected to fall behind the north of England over the next five years, with house prices rising below inflation. Property values in the capital are expected to see a rise of just 7.1% compared to the 14.2% national average.

The north-west, north-east and Yorkshire and Humberside regions are forecast to see the strongest growth over the next five years, with rises of 18.1%, 17.6% and 17.6% respectively.

In London at the moment, the average house price is now 14.5 times an average person’s earnings, the highest it has ever been and 42% more than the long-term average over the past 15 years.

Over the past year, the regions have already been overtaking the capital, as Greater London saw just a 3% rise in property value in the 12-month period, while house prices in the centre have been either flat or falling. In comparison, Manchester saw an increase of 7.9%, while Birmingham‘s house prices rose by 7.4%.

Highgrove Mews

High Net Yield Freehold Houses

  • Commutable to London (27 mins to central Paddington station)
  • Rental demand extremely strong with large industry presence in Reading
  • Freehold with 4% net yield

£284,955 - £457,000

St Petersgate – Stockport Manchester

New Launch - Stockport Manchester, apartments from £160,000

  • Discounted launch prices from £160,000
  • Excellent transport links with 3 trains per hour to London Euston and only 9 mins journey to Manchester Piccadilly
  • Experienced development team

Assured Rent Housing Association Leases

Assured Rent Housing Association Leases

  • Assured rent & no rental voids
  • Tenant damage cover & newly refurbished inline with requirements of a corporate sitting tenant
  • Free property and lettings management

From £62,000

Emerging Birmingham Commuter Town With Properties From Just £104,000

The emerging Birmingham commuter town where properties are selling in an average of just 24 days

  • A collection of 62 two bedroom apartments and 28 one bedroom apartments.
  • DE14 is one of the fastest selling postcodes in the West Midlands.
  • 23 minute train journey into Birmingham New Street Station.

Properties from £104,000

Mill, Stockport

The Northwest's emerging property hotspot

  • Discounted off-plan 2-bed prices from £162,000
  • Completion date - Q4 2021
  • Rental yields - 6% plus

Discounted off-plan 2-bed prices from £162,000

South Central – Birmingham City Centre Apartments

Highly anticipated 28 storey launch in Birmingham City Centre with an impressive roof garden and communal facilities.

  • 154 units across 28 storeys
  • Residential multi-media community room, gym, roof garden and sky cinema
  • Excellent future connectivity via the metro system to other key transport hubs and locations around the city

from £205,800

ba-

Talk to us

Speak to our UK property experts today: 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

+852 9865 4446

Open from 9am-6pm HKT

Stamp Duty Calculator

.

Unlock members only investment opportunities and full development details. Join now – it’s free, quick and easy.

Login

Not a member? Sign up for free

london houses

London houses worth more than Scotland, Wales and north combined

Example

By submitting your details via this online form you agree to be contacted via email/phone/SMS by Direct Marketplace Ltd t/a BuyAssociation in relation to property investment and property developments . We do not share your personal details with third parties.  To view our full Privacy Policy click here.