UK's most valuable property markets also revealed
Despite subdued market conditions over the past year, properties worth a total of £150 billion were sold across England and Wales, according to estate and letting agency group Lomond.
The report, which analysed transactions recorded in the Land Registry from March 2023 to February 2024, indicates that London, while still the most valuable property market, does not dominate as strongly as might be expected.
The capital accounted for £32.3 billion in home sales, representing 22% of the national total. However, the South East closely followed with sales totalling £31.4 billion, or 21% of the UK total. Both the South West and East of England each contributed 12%, with sales around £17.4 billion.
Lomond noted that despite its significant share, London’s market performance in terms of house price growth has been relatively weak compared to other regions. The report highlighted that only four London local authorities ranked in the top 10 for total value of homes sold. Kensington and Chelsea topped the list with property sales amounting to £2.39 billion, followed by Westminster with £2.32 billion, and Wandsworth at £2.28 billion.
Outside London, Buckinghamshire emerged as the most valuable market, with properties sold worth £2.16 billion over the last year, placing it fourth nationally. North Yorkshire, Cornwall, Somerset, Leeds, and Wiltshire were also among the top 10 most valuable markets.
“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,” said Ed Phillips (pictured), chief executive of Lomond.
“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.
“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.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
