Home Property £99.3 billion worth of homes sold so far this year despite cooling market conditions

£99.3 billion worth of homes sold so far this year despite cooling market conditions

by LLP Finance Reporter
9th Nov 23 11:40 am

The latest research from eXp UK, the platform for personal estate agents, has revealed that despite cooling market conditions, £99.3bn worth of property has sold across England and Wales so far this year alone, with London home to some of the most valuable markets at local authority level.

eXp UK analysed sold price records from the Land Registry looking at the individual price achieved for each of 276,785 homes to have sold across England and Wales so far this year (January to August – latest available).

The research shows that across England and Wales as a whole, the value of the 276,785 property transactions analysed sits at a huge £99.329bn.

At a regional level, London remains the most valuable area of the property market with some £21.6bn worth of property sold so far this year, with the South East not far behind at £21bn.

The East of England (£11.8bn) and South West (£11bn) also rank high, while at the other end of the table, £2.6bn worth of property has been sold across the North East.

London also reigns supreme when breaking the market down at local authority level. Kensington and Chelsea predictably sits top as the nation’s most valuable property market where £1.6bn worth of homes have changed hands during the first eight months of this year.

The City of Westminster sits second with £1.5bn in property sold, with Wandsworth close behind at £1.45bn.

Buckinghamshire has seen the fourth highest total value of homes sold across England and Wales and the highest outside of London at £1.4bn. Cornwall also ranks high outside of the capital with £1.2bn worth of homes sold.

Other areas to make the top 10 include Richmond upon Thames (£1bn), Leeds (£988.4m), Birmingham (£978.4m), Camden (£955m) and Wiltshire (£952.7m).

Head of eXp UK, Adam Day, said, “The property market may have cooled a tad in 2023 and, as a result, we’ve seen a reduction in house prices when compared to the giddy heights of last year when they hit record highs.

But while it’s easy to get carried away with talk of an impending property market armageddon, we simply haven’t seen the drastic reductions that many had predicted at the start of the year, nor are we likely to.

In fact, despite increasing mortgage rates and market uncertainty, the total value of homes changing hands so far this year has been staggering, which demonstrates the strength of the market and our unwavering appetite for homeownership.

What’s more, this performance hasn’t been confined to the London market with Leeds, Birmingham, Cornwall and Wiltshire all making the top 10 most valuable markets when it comes to the total value of property sold.”

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