The Inside Edge
In recent weeks we’ve seen just how regional variations differ in property statistics and how significant the respective rises and falls can be in some cases. As an example, London has generally stood out as a region where house prices are increasingly steadily whereas areas such as the West Midlands and Northern Ireland are experiencing some alarming drops in sales figures.
A recent survey by primelocation.com has shown the property divide even more clearly with a survey that indicates just how much the south of the UK dominates housing wealth. Overall, homes in the UK are worth a total of £5.6 trillion pounds and heading the county tables is Surrey, which accounts for around 5% of that combined figure.
Total property values within the county amount to £287.6 billion pounds which equates to £255,125 per head of the population. Below Surrey in second place comes Dorset but the top ten UK counties show just how the much the south prevails throughout the country.
The top of the table reads as follows:
1. Surrey (£255,125 per head; £287.6 billion total)
2. Dorset (£207,220; £83.8 billion total)
3. Buckinghamshire (198,490; £98.8 billion total)
4. East Sussex (£196,300; £101.2 billion total)
5. Essex (£178,705; £252.4 billion total)
6. Hertfordshire (£175,492; £194.3 billion total)
7. Devon (£161,817; £121.3 billion total)
8. Hampshire (£159,171; £206.4 billion total)
9. Kent (£157,288; £224.5 billion total)
10. Warwickshire (£145,431; £77.9 billion total)
The survey went on to indicate just how the country is divided on a regional basis and once again, the final table shows a clear pattern when it comes to overall regional property wealth.
1. South East (£1.6 trillion total property values)
2. London (£1.0 trillion)
3. South West (£488.3 billion)
4. East (£482.5 billion)
5. West Midlands (£367 billion)
6. East Midlands (£336.1 billion)
7. Scotland (£322.1 billion)
8. Yorkshire & Humberside (£300 billion)
9. North West (£253.9 billion)
10. Wales (£223.3 billion)
11. North East (£162.9 billion)
Of course, that table only gives you the overall total and it may be fair to assume that the North East for example, is less densely populated with housing that London. However, those figures are a good indication of an overall picture.
”Property wealth per head is driven by one key factor – demand,” said primleocation.com’s Nigel Lewis.
”Homes in and around the capital will always be sought-after because of the increased population density in the South and its better employment opportunities.”