London still dominates sales market despite “exodus to the countryside”
London still dominated the league table of locations with the highest volumes of sales by value in 2020, despite the apparent exodus to the countryside.
An analysis of the locations of all residential sales to complete via the Land Registry between January and December last year reveals 11 of the 20 to be in London.
The research shows that in 2020, a total sum of £171.7 billion worth of residential property was sold across England and Wales – down from the £2.8 billion of 2019 thanks to the pandemic.
Westminster saw the highest with £2.9 billion worth of residential bricks and mortar sold in 2020. Kensington and Chelsea came second with £2.7 billion with Wandsworth third on £2.5 billion.
Cornwall is the most valuable market outside of the capital. Birmingham, Leeds, Bournemouth, Christchurch and Poole also featured strongly.
The analysis was undertaken by agency Keller Williams UK, whose chief executive Ben Taylor says:
“While the average house price has surged this year, a 38 per cent reduction in the total value of property sold demonstrates the detrimental impact the pandemic had on market activity over the last year.
“This is even more significant when you consider that it’s compared with a 2019 market that was already operating sluggishly due to Brexit uncertainty.
“However, when considering all of these factors, it makes the late rally shown by the property market in the wake of a stamp duty holiday introduction all the more impressive. To think that this market revival still saw £171.7 billion worth of residential property sold in what is a relatively short period of time is actually quite remarkable.”
Kindly shared by Estate Agent Today
Main photo courtesy of Pixabay