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13 square miles in the centre of London worth as much as all of Wales

14 Oct 2021 2 minutes Read
Kensington (left) is one of London’s most expensive streets.

The value of 13 miles square miles in the centre of London is the same as the whole of Wales, a real estate company has said.

Zoopla said that the value of homes in the City of Westminster and Kensington and Chelsea (£306bn) – which combined cover an area of just 13 square miles – is roughly the same as all of Wales (£308bn).

Despite Wales being hit by surging house price rises during the pandemic which has made properties unafforable to many, the figure suggests the disparity of wealth between parts of central London and areas on the economic periphery of the UK.

Property in the City of Westminster and Kensington and Chelsea was also worth more than all the homes in the North West of England (£197bn).

Over the last year the value of all the property in the UK had risen £1.6 trillion to £9.2tn – four times the UK’s GDP.

Gráinne Gilmore, head of research at Zoopla, said the value of property had sped up over the past year “as house price growth has escalated.”

“The value of Britain’s residential property has continued to climb over the last five years, speeding up over the last 12 months as house price growth has escalated. The price and density of homes dictate where the largest concentrations of housing value are located, however, in some local authorities, more than two-thirds of homes have risen by more than the average.”

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Kerry Davies
Kerry Davies
6 days ago

Her indoors was a nurse there a while back, got held up with a shotgun, dealt with IRA bombings and the Kings Cross fire and endless junkies, homeless and abandoned loonies.
Cost of property yes. Value? Not so sure about that. I value the peace of mind that allows me to leave my doors unlocked.

Dim problem
Dim problem
6 days ago

The word “worth” is doing a hell of a lot of work here.

Erisian
Erisian
6 days ago

Only to those who know the price of everything and the value of nothing.

Cai Wogan Jones
Cai Wogan Jones
6 days ago

*Worth* ??? No. Important not to confuse price with value.

Cofid
Cofid
6 days ago

I agree all these comments, but think how things could be if all that “wealth” was redistributed eguitably.

j humphrys
j humphrys
6 days ago

Square centimeter of Gwynfryn worth more than London to me.

Andrew
Andrew
6 days ago

The city of Westminster, the most successful criminal organisation on planet which launders the drug money and ill gotton gains of the mega rich to the tune of hundreds of trillions of pounds. All of which is perfectly legal of course and tax free.

jon donoghue
jon donoghue
6 days ago
Reply to  Andrew

Spot on 👌

Steve Duggan
Steve Duggan
6 days ago

Property value increases in the UK as there is a shortage of housing and always has been. People at the top who own expensive houses want it that way, it makes them asset richer. However, those who are yet to buy property are priced out of the market and many of our children will not be able to afford a house at all. It part of the greed that is endemic in the UK. As an independent country we can do away with that and make owning a property something ‘everyone’ can achieve and not just the rich.

jon donoghue
jon donoghue
6 days ago
Reply to  Steve Duggan

Spot on 👌… diversity throughout the world is creating the resentment were seeing now.

Y Cymro
Y Cymro
6 days ago

Personally speaking. London is overpriced & overrated. If you are stupid enough to spend millions on a former garage or toilet just to be in a swanky area of England’s capital need to seek medical assistance pronto.

Wales has far more to offer. Has stunning vistas & coastline. And to me is priceless.

jon donoghue
jon donoghue
6 days ago

Oh really…what a totally worthless piece of crap clickbait news . What I would like to hear is .!!. How many people in that karzie have decided to move here since lockdown..!!.. I was born there in 55 it’s a karzie & looks like Kabul with make up 😆

jon donoghue
jon donoghue
6 days ago

Believe it or not….things are going in Wales direction….it’s got everything London will never have… beauty…??.. & in a changing world…London will soon be a thing of the past ☯️

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