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