London property worth a third of gross British value
This is already comparable to the value of every home in the rest of England, which stands at £2.24 trillion as of 2014.
Moreover, by 2017 London homes are expected to be worth a total of £2.1 trillion, closing the gap with the rest of England put together, and making up 40% of all residential property value in Britain.
By contrast, in 1987 London homes were worth a total of just £273bn, or 27% of all property wealth.
But today, property in three East End boroughs is worth more than all the homes in Wales. Hackney, Tower Hamlets and Southwark together have homes worth £170bn, 5% more than Wales’ £162bn in residential property.
The findings follow Stirling Ackroyd’s Heritage Report, which details how the value of property in eastern boroughs of the capital has outpaced more traditional stores of wealth in West London.
Andrew Bridges, managing director of Stirling Ackroyd, said: “London is a growing asset for the UK, in a multitude of ways. From a city in decline with a falling population just thirty years ago, our capital has rebuilt its place at the heart of the financial, cultural and technological worlds.
“This is both a success story and a call to action. London is enormously valuable, but it is also a prime field of opportunity for developers.
“We expect a growing wave of new homes in the capital in coming years and under the right conditions, development could help to ease supply.
“This progress will add hugely to London’s value and in turn its dominance in the British property market.”