London property has combined value equivalent to an economy the size of France

·1-min read
 (Matt Writtle)
(Matt Writtle)

London property prices may have been the slowest growing in Britain during the pandemic but its bricks and mortar are still worth 20 times more than those of the next biggest city, new figures show today.

The capital’s 3.6 million houses and flats have a combined value of almost £1.9 trillion – equivalent to the entire GDP of an economy the size of France – at current average prices of around £516,000.

No other conurbation in Britain can even muster £100 billion worth of property.

Birmingham is second on the list with a combined value of £93.2 billion, according to the league table compiled by property platform Boomin.

Edinburgh, where average prices are a comparatively expensive £319,160, is third on £79 billion, followed by Leeds (£76.5 billion) Bristol (£63 billion) and Bournemouth (£58.5 billion.)

In fact, London’s residential property market – from tiny studios to vast mansions – is worth more than four as much as the next 10 cities combined.

Boomin’s founder and chief executive Michael Bruce said: ”London’s position as the UK’s top city is unlikely to be contested any time soon.

“Such is the sheer scale and value of the capital’s property market it would take something quite extraordinary to dethrone them.

“While much has been made about the exodus or urban homebuyers 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 homebuyers enters the market.”

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