Research from national estate agent, Keller Williams UK, looks at how different areas across the UK have fared during the pandemic and where has performed the best.
Richest Property Regions
The South East is the richest property region of the UK at present, with 140,571 transactions completing during the pandemic at an average of £329,849, totalling £46.4bn in property sold property values.
Despite much being made of the decline of the London market, 85,411 transactions have still taken place across London since the start of the pandemic. With an average house price of £485,956, this equates to a staggering £41.5bn in sold property values - the second highest of all areas of the UK.
Northern Ireland has seen just 25,103 homes sold since the start of 2020 at an average of just £144,059. Despite being home to the lowest total sum of property sold, the nation has still seen £3.6bn of homes change hands.
Richest Local Authorities
However, when analysing the market at local authority level, it’s Edinburgh that ranks as the UK’s richest property market.
10,740 homes have been sold across the city since January 2020 at an average of £280,287, totalling an estimated £3bn in value.
Edinburgh is closely followed by Wandsworth with a total of £2.8bn in sold property during the pandemic. Cornwall also ranks high at £32.4bn in homes sold, with Bromley (£2.2bn) and Leeds (£2.175m) also making the top five.
Ben Taylor, CEO of Keller Williams UK, commented: “The UK property market has been booming and it’s interesting to see the regional variations of this performance in terms of current values, transaction volumes and house price growth.
"However, it’s Edinburgh that has seen the strongest pandemic property market performance when considering both transaction levels and property values and the total sold value of properties that have changed hands.
"That said, the wider health of the current market is more than evident when analysed on this basis with cities and towns from all over the UK featuring in the top performers. While the tapered end of the stamp duty holiday may have some impact, there’s no doubting that we’re on course for a seriously impressive year from a property standpoint.”
