The most recent analysis from eXp UK, the platform for private property brokers, has revealed that regardless of cooling market situations, £99.3bn price of property has bought throughout England and Wales thus far this 12 months alone, with London residence to a few of the Most worthy markets at native authority stage.
eXp UK analysed bought worth information from the Land Registry trying on the particular person worth achieved for every of 276,785 properties to have bought throughout England and Wales thus far this 12 months (January to August – newest out there).
The analysis reveals that throughout England and Wales as a complete, the worth of the 276,785 property transactions analysed sits at an enormous £99.329bn.
At a regional stage, London stays probably the most precious space of the property market with some £21.6bn price of property bought thus far this 12 months, with the South East not far behind at £21bn.
The East of England (£11.8bn) and South West (£11bn) additionally rank excessive, whereas on the different finish of the desk, £2.6bn price of property has been bought throughout the North East.
London additionally reigns supreme when breaking the market down at native authority stage. Kensington and Chelsea predictably sits prime because the nation’s Most worthy property market the place £1.6bn price of properties have modified fingers in the course of the first eight months of this 12 months.
The Metropolis of Westminster sits second with £1.5bn in property bought, with Wandsworth shut behind at £1.45bn.
Buckinghamshire has seen the fourth highest whole worth of properties bought throughout England and Wales and the very best outdoors of London at £1.4bn. Cornwall additionally ranks excessive outdoors of the capital with £1.2bn price of properties bought.
Different areas to make the highest 10 embody Richmond upon Thames (£1bn), Leeds (£988.4m), Birmingham (£978.4m), Camden (£955m) and Wiltshire (£952.7m).
Head of eXp UK, Adam Day, stated, “The property market might have cooled a tad in 2023 and, because of this, we’ve seen a discount in home costs when in comparison with the giddy heights of final 12 months after they hit file highs.
However whereas it’s simple to get carried away with speak of an impending property market armageddon, we merely haven’t seen the drastic reductions that many had predicted firstly of the 12 months, nor are we more likely to.
In actual fact, regardless of growing mortgage charges and market uncertainty, the whole worth of properties altering fingers thus far this 12 months has been staggering, which demonstrates the energy of the market and our unwavering urge for food for homeownership.
What’s extra, this efficiency hasn’t been confined to the London market with Leeds, Birmingham, Cornwall and Wiltshire all making the highest 10 Most worthy markets in the case of the whole worth of property bought.”