The most valuable pockets of the pandemic property market
Research from national estate agent, Keller Williams UK, has revealed that Edinburgh is the UK’s most valuable pocket of the property market based on the average price and number of homes sold during the pandemic.
Across the UK, 946,447 homes have been sold since January 2020 and with the current average UK house price at £250,772, this equates to a bricks and mortar value of £237.4bn.
Richest Property Regions
The South East is the richest property region of the UK at present, with 140,571 transactions completing during the pandemic at an average of £329,849, totalling £46.4bn in property sold property values.
Despite much being made of the decline of the London market, 85,411 transactions have still taken place across London since the start of the pandemic. With an average house price of £485,956, this equates to a staggering £41.5bn in sold property values – the second highest of all areas of the UK.
Northern Ireland has seen just 25,103 homes sold since the start of 2020 at an average of just £144,059. Despite being home to the lowest total sum of property sold, the nation has still seen £3.6bn of homes change hands.
Richest Local Authorities
However, when analysing the market at local authority level, it’s Edinburgh that ranks as the UK’s richest property market.
10,740 homes have been sold across the city since January 2020 at an average of £280,287, totalling an estimated £3bn in value.
Edinburgh is closely followed by Wandsworth with a total of £2.8bn in sold property during the pandemic. Cornwall also ranks high at £32.4bn in homes sold, with Bromley (£2.2bn) and Leeds (£2.175m) also making the top five.
CEO of Keller Williams UK, Ben Taylor, commented:
“The UK property market has been booming and it’s interesting to see the regional variations of this performance in terms of current values, transaction volumes and house price growth.
However, it’s Edinburgh that has seen the strongest pandemic property market performance when considering both transaction levels and property values and the total sold value of properties that have changed hands.
That said, the wider health of the current market is more than evident when analysed on this basis with cities and towns from all over the UK featuring in the top performers. While the tapered end of the stamp duty holiday may have some impact, there’s no doubting that we’re on course for a seriously impressive year from a property standpoint.”