Central London homes ‘worth as much as all houses in Wales’

·2-min read
 (Unsplash)
(Unsplash)

The value of homes across a small area of central London is worth about the same as all the homes in Wales combined, according to Zoopla.

The London Bridge-based property portal said the total value of homes in the combined boroughs of City of Westminster and Kensington and Chelsea, an area covering about 13 square miles, was roughly £306 billion in July this year.

Zoopla puts the value of the entire housing stock of Wales at £308 billion.

London ‘most valuable region’

Zoopla said the total value of housing in London stood at £2.4 trillion in 2021, making it the most valuable region in Britain.

Behind the capital came the South East of England (£1.7 trillion) and the East of England (£1 trillion).

Zoopla added that homes in Westminster were worth £164.6 billion, making it the most valuable residential local authority in Britain.

This was followed by Kensington and Chelsea (£141 billion), Wandsworth (£117 billion), and Barnet (£114 billion). Birmingham, the first non-London based authority, came in fifth with residential homes valued at £102 billion.

Values rising fastest in the South East

In terms of rising values over the last five-years, Zoopla said the South East of England has outstripped all other regions.

It calculated that Britain’s homes were worth a total of £9.2 trillion on the open market this summer, adding that the combined value of Britain’s 28.6 million residential homes had increased by £550 billion in the past year.

‘Soaring demand’

The company said this was due to “soaring buyer demand in the property market as a result of the pandemic-led ‘search for space’ as well as the stamp duty holiday”.

Zoopla added that the total value of Britain’s 23.5 million privately-owned homes was £8.2 trillion.

According to the company, around £6.6 trillion was equity, with outstanding debt accounting for £1.6 trillion.

Britain has a further five million affordable homes worth around another £1 trillion.

According to Zoopla’s figures, the average British property has risen in value by £49,257 over the past five years.

Gráinne Gilmore at Zoopla said: “The value of Britain’s residential property has continued to climb over the last five years, speeding up over the last 12 months as house price growth has escalated. Understanding the value of your home, and the equity you hold within the property, can help when it comes to making future plans.”

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