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TODAY'S OTHER NEWS

Where will agents find the most lucrative housing markets?

New research attempts for the first time to identify the most lucrative property markets in the country - with surprising results for agents wanting to identify possible new territories.

Comparison website GetAgent has analysed government price and housing stock figures to produce a league table of the country’s most expensive sub-markets.

Top - unsurprisingly - comes Westminster, with stock worth over £120.7 billion; a whisker behind comes Kensington & Chelsea on £120.3 billion.

Wandsworth, Camden, Barnet, Islington and Lambeth come in the top 10 too, but perhaps most surprising is the highest performing out-of-London location - and it’s Birmingham.

It’s got the fifth most valuable housing market overall with stock worth £83.9 billion; even Edinburgh, a capital city, performs less strongly with a market worth £70.6 billion.

Leeds, Cornwall, Wiltshire, Bristol, Bournemouth Christchurch and Poole, Brighton and Hove, Glasgow, Manchester and Sheffield feature strongly too, with high value markets.

“We’re used to hearing about how expensive certain parts of the UK property market are but when you consider price in relation to the volume of housing stock, it really highlights how valuable the UK property market is as a whole” explains GetAgent chief executive Colby Short.

“With prices continuing to climb as a result of a stamp duty holiday saving we should see the UK property market grow even further in value over the coming months. While some areas will always command a higher price tag, they will also continue to play second fiddle to those with a greater abundance of stock where overall value is concerned” he adds.

GetAgent has also produced a regional housing market wealth breakdown, below.

Table shows the estimated level of dwellings, average house price and total estimated value of each market

Location

Estimated dwelling stock

Average house price (latest Aug 2020)

Estimated total value of market

London

3,592,322

£489,159

£1,757,216,780,826

South East

3,943,537

£332,147

£1,309,833,883,888

East of England

2,705,425

£296,411

£801,918,222,833

South West

2,579,210

£264,886

£683,197,271,756

North West

3,300,088

£173,617

£572,951,697,992

West Midlands Region

2,512,503

£204,886

£514,776,847,799

East Midlands

2,103,080

£202,345

£425,546,694,836

Yorkshire and The Humber

2,440,528

£170,025

£414,951,928,058

Scotland

2,605,000

£155,191

£404,272,521,135

Wales

1,437,567

£172,828

£248,451,236,415

North East

1,236,808

£131,701

£162,888,280,473

Northern Ireland

807,812

£141,131

£114,006,949,514

United Kingdom

29,263,879

£239,196

£6,999,802,355,431

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