Revealed: the UK city where house prices are growing fastest… and it’s not London

London house prices are increasing slower than any other major city in the UK, a new report has revealed.

The rate of growth in property value has dropped, leaving the capital ranked tenth in Britain.

But London has not lost its status as being one of the most property-rich cities in the world – with the total value of homes in the capital now worth more than £1.5 trillion.

This leaves London boasting a property portfolio more than twice the value of Britain’s next nine largest cities combined.

Property site Zoopla revealed the new figures after analysing property prices in Britain’s 10 largest cities and towns.

It found the total value of London’s housing has increased by 1.54 per cent over the past 12 months – the slowest growth rate of the top 10 cities.

Sheffield had the highest annual growth rate at 5.63 per cent, followed by Glasgow at 5.38 per cent and Manchester at 4.49 per cent.

Bristol is the next most valuable city after London, with homes there worth an estimated £115.21 billion.

It is also the only city in Britain apart from London where the total value of homes is over £100 billion.

Rate of growth

1. Sheffield – 5.63 per cent

2. Glasgow – 5.38 per cent

3. Manchester – 4.49 per cent

4. Leeds – 4.2 per cent

5. Birmingham – 4.08 per cent

6. Edinburgh – 4.04 per cent

7. Bristol – 3.8 per cent

8. Nottingham – 3.69 per cent

9. Reading – 2.37 per cent

10. London – 1.54 per cent

Glasgow is in third place with a property market value of £90.75 billion.

“It comes as no surprise that London is significantly more valuable as a residential property market than any other British city,” Lawrence Hall, a spokesman for Zoopla, said.

“However, the data does show that, in comparison to cities further north and across the Scottish border, the rate of growth in London has slowed.”

Property value

1. London – £1.506 tr

2. Bristol – £115.21 bn

3. Glasgow – £90.75 bn

4. Birmingham – £81.66 bn

5. Manchester – £80.47 bn

6. Edinburgh – £68.27 bn

7. Nottingham – £66.13 bn

8. Reading – £60.55 bn

9. Leeds – £59.05 bn

10. Sheffield – £55.69 bn

Within London, the SW1 area, which includes Belgravia, Pimlico and Westminster, was identified as being the most valuable area of the capital.

Homes there are worth £54.57 billion in total – nearly as much as the whole of Sheffield’s housing – according to Zoopla’s estimates.

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