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An analysis by Nested found that the UK property market saw £250 billion worth of property sales in the past year, with the richest local markets north of the Scottish border.
The study looks at gross and total value of property sales across the UK over the past 12 months, reveals how the market has reacted to the recent economic turmoil, and reveals the richest local markets in the country. bottom.
Over the past year, a total of 869,560 homes have been sold for a total of £249.7bn. This figure represents a 23.5% year-on-year decrease in sales volume and a 16.3% decrease in cumulative value. The drop occurred despite house prices rising 9.5% over the same period.
The City of Edinburgh has emerged as the most valuable local property market in the last 12 months, with 11,295 completed sales valued at £3.7bn. Buckinghamshire is a close second, with sales of £3.4bn, while Wandsworth, in southwest London, sold a total of £3bn worth of homes last year.
Other notable areas with high property market values include Yorkshire (£2.5bn), Kensington & Chelsea (£2.5bn), Somerset (£2.5bn), Cornwall (£2.5bn) and Belfast (24.5bn). billion) and Birmingham (£23.5 billion). £1 billion), Wiltshire (£2.3 billion).
Conversely, Wales’ Merthyr Tydfil and Brennow-Gwent have been identified as the least valuable areas on the mainland property market, with £109.5m and £122m worth of properties respectively sold over the past year. rice field.
The City of London ranks third in terms of lowest sales volume, despite an average home price of £877,562, with £123.7m worth of property in the region in the past year was sold.
Nested Managing Director Alice Bullard commented: “Despite the fact that the heat of the property market boom caused by the pandemic has faded, there has still been a staggering £250bn of property transactions in the last 12 months.
“This suggests that despite the tougher market conditions that have materialized, buyers are still acting with intent, with homes selling at a slower pace and slightly lower prices compared to the previous month. indicates that there is
“Of course, the fragmentation of the UK property market means that in some areas the market continues to move rapidly, and in places such as Edinburgh and Buckinghamshire the market is still very hot. The situation continues.”
