The value of all the homes in ten London boroughs is greater than all the homes in Wales, Scotland and Northern Ireland combined, new research shows
The houses in Barnet, Bromley, Camden, Ealing, Hammersmith & Fulham Kensington & Chelsea, Lambeth, Richmond, Westminster and Wandsworth are now worth more than £550 billion, according to Savills.
The figure is higher than the total value of Scotland, Wales and Northern Ireland combined. Westminster’s 121,600 units – valued at £95 billion – are worth more than twice all of Edinburgh’s homes.
Lucian Cook of Savills residential research warned of long term implications caused by the ‘concentration of housing wealth in ever fewer hands’.
He said: ‘It will affect people’s ability to get on the housing ladder, trade up or relocate In turn, it has implications for social and labour mobility and, ultimately, the economy.
‘Our analysis also highlights growing value in the private rented sector, not least because demand continues to outpace supply. This will create investment opportunities for those with equity, and opportunities for institutional investors to meet the needs of those excluded from home ownership.’
The UK’s total housing stock has increased in value to £5 trillion from £2.9 trillion a decade ago but the country remains 6.4 per cent below its 2007 peak of £5.4 trillion.
London property values are 14.2 per cent above 2007 levels and increased 6.8 per cent in the past year.