A recent study has shown property prices in Sheffield’s are growing faster than in any other city in the UK.
With a property portfolio tipping £1.5 trillion, you’d think London’s property prices were rocketing. And while that’s not entirely false, a recent study conducted by Zoopla has shown that the value of housing in the capital has grown slower than any other major city in the UK.
The study – which ranks the value and percentage growth of the UK’s 10 major cities – has revealed London’s property prices increased by just 1.54% in the last 12 months landing it at the bottom of the list. And at the top? Sheffield.
“The data does show that, in comparison to cities further north and across the Scottish border, the rate of growth in London has slowed,” says Zoopla spokesperson Lawrence Hall.
The study’s revealed that the North Midlands’ city has seen its property value grow by 5.63%, with Glasgow hot on its heels with 5.38%.
However, this surprise announcement hasn’t closed the gap in the country’s housing markets. Over the past 12 months, the average price paid for property in Sheffield was £185,090, where the average price in London was £638,439.
If those figures weren’t startling enough, remember that £1.5tn London property portfolio we mentioned? That’s over double the value of all properties in the next nine largest cities in the country combined.
“It comes as no surprise that London is significantly more valuable as a residential property market than any other British city,” adds Hall.
Top 10 UK cities by property price growth
1. Sheffield - 5.63%
2. Glasgow - 5.38%
3. Manchester - 4.49%
4. Leeds - 4.2%
5. Birmingham - 4.08%
6. Edinburgh - 4.04%
7. Bristol - 3.8%
8. Nottingham - 3.69%
9. Reading - 2.37%
10. London - 1.54%
Top 10 UK cities by property price value
1. London - £1.5tn
2. Bristol - £115.21bn
3. Glasgow - £90.75bn
4. Birmingham - £81.66bn
5. Manchester - £80.47bn
6. Edinburgh - £68.27bn
7. Nottingham - £66.13bn
8. Reading - £60.55bn
9. Leeds - £59.05bn
10. Sheffield - £55.69bn