25 February 2013

Upmarket houses in London Boroughs ‘worth more than rest of UK combined’


The UK property price gap means that homes in the 10 richest London boroughs are worth the combined total of houses in Scotland, Wales and Northern Ireland, according to MailOnline. Figures from estate agents Savills revealed with a total value of £550bn, London’s richest boroughs, including Westminster, Kensington and Chelsea, easily outstrip three UK regions.

And while house prices continue to fall in most parts of the country, London values are either steady or up.

Lucian Cook, of Savills, said: “More housing wealth is being concentrated in fewer people’s hands. That restricts the ability of some groups, particularly younger generations, to get on to , or trade up, the housing ladder, creating long-term implications on the lifetime cost of housing”.

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