"With the market having already shown strong signs of a return to form early in 2024, we expect that over the next 12 months, the total value of homes sold will only increase further"
- Ed Phillips - Lomond
The latest research by estate and letting agency group, Lomond, has revealed that despite the more muted market conditions seen over the last year, home sellers across England and Wales have still transacted on £150bn worth of property and, while London remains the most valuable region, it accounts for just four of the top 10 most valuable local authorities where the total value of homes sold is concerned.
Lomond analysed sold price data from the Land Registry looking at transactions to have completed over the last 12 months across England and Wales (March 2023 to February 2024 - latest available).
Lomond then looked at the estimated total value of homes sold across each area of the market to reveal where currently ranks as the nation’s most valuable property markets.
The research shows that £150bn worth of property has been sold across England and Wales over the last year.
Despite the London market largely underperforming in comparison to the rest of the nation with respect to the rate of house price growth seen, the capital remains the nation’s most valuable property market. £32.3bn worth of homes have been sold across London in the last year, accounting for 22% of the national total.
However, the South East has been hot on the heels of the London market, with £31.4bn worth of property changing hands in the last year, accounting for 21% of the national total.
The South West and East of England have both seen some £17.4bn worth of homes sold, accounting for 12% of the national total each. The North East sits bottom, although the region has still seen £3.8bn transacted in the last year.
London also accounts for the top three most valuable local authorities when it comes to the estimated total value of homes sold, but the capital isn’t quite as dominant as you might expect.
Kensington and Chelsea (£2.386bn), Westminster (£2.319bn) and Wandsworth (£2.277bn) rank as the top three most valuable local authorities in the nation, however, only one other London borough features and that’s Richmond as the ninth most valuable area of the nation (£1.516bn).
Buckinghamshire is the most valuable market outside of the capital and fourth most valuable across the nation, with £2.157bn worth of homes sold over the last year.
With £1.810bn worth of homes sold over the last 12 months, North Yorkshire completes the top five, while Cornwall (£1.688bn), Somerset (£1.561bn), Leeds (£1.520bn) and Wiltshire (£1.466bn) also make the top 10.
Lomond CEO, Ed Phillips, commented: “Higher mortgage rates have dampened buyer appetites in recent months and this has naturally led to a reduction in market activity, as well as a slight reduction in property values due to borrowing restrictions.
"But while it may be tempting to be consumed by the doom and gloom that follows such market corrections, it’s important to note that there has still been an incredibly strong level of market activity over the last 12 months with no less than £150 billion worth of property sold in the last 12 months alone.
"This figure is quite staggering, to say the least, and while London naturally remains the most valuable region of the market, it far from dominates with areas up and down the nation featuring in the top 10.
"With the market having already shown strong signs of a return to form early in 2024, we expect that over the next 12 months, the total value of homes sold will only increase further.”
