The past year has seen a remarkable £250bn in Property sales across the UK, as indicated by a recent study from Nested. Edinburgh has clinched the position of the most prosperous local property market, leaving other regions trailing in its wake.
Nested’s analysis methodically scrutinised the past 12 months, mapping the combined value and total number of property sales throughout the country. The study served to bring clarity to market trends amid the existing economic instability, as well as pinpoint the richest local markets across the UK.
The previous year marked the exchange of a whopping 869,560 houses, culminating in a combined market value of £249.7bn. Despite this impressive sum, these figures reflect a 23.5% drop in sales volume compared to the previous year, leading to a 16.3% reduction in aggregate value. This slump was noticeable even though house prices rose by 9.5% within the same period.
Emerging victorious in this property market race was Edinburgh. The city recorded 11,295 completed sales, yielding a lucrative £3.7bn over the past year. Trailing behind Edinburgh were Buckinghamshire and Wandsworth, south west London, securing sales of £3.4bn and £3bn respectively.
Other regions with noteworthy property market values included Yorkshire, Kensington & Chelsea, Somerset, Cornwall, Belfast, Birmingham, and Wiltshire, with sales ranging from £2.3bn to £2.5bn.
On the other hand, the regions of Merthyr Tydfil and Blaenau Gwent in Wales were recognised as the least valuable on the UK mainland, with property sales within the last year amounting to £109.5m and £122m respectively.
Surprisingly, the City of London, with an average house price of £877,562, saw relatively low sales volumes, totalling just £123.7m in property sales over the past 12 months.
Nested’s managing director, Alice Bullard, reflected on the property market landscape, stating, “The pandemic property market boom may have cooled down, but the past 12 months have still witnessed an incredible volume of property transactions, reaching almost £250bn. This proves that, despite challenging market conditions, buyers remain determined, and homes continue to be sold, albeit at a slower pace and marginally reduced price than in previous months.”
Bullard went on to say, “However, the patchy nature of the UK property market means that certain areas are still witnessing rapid market activity. Edinburgh and Buckinghamshire, in particular, are experiencing a very buoyant market.”
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