The home to 5% of Britain’s property wealth
According to the latest survey by PrimeLocation.com, a property website, Surrey is the richest county in the UK in terms of property and has 5 per cent of Britain’s property wealth which is valued at £5.6 trillion.
The survey also unveiled that Surrey also has the greatest property wealth per person which is on average £255,125. From the survey it shows that the counties in the South of the UK are dominating the top 10. Dorset is the second richest with the property per person on average £207,220, then Buckinghamshire with £198,490 and East Sussex fourth with £196,300 per head.
Demand Drives Wealth
Nigel Lewis who is a property analyst for PrimeLocation.com says there is only one key factor that drives wealth per head and that’s demand.
“Homes in and around the capital will always be sought after because of the increased population density in the South and its better employment opportunities.”
Regionally, the South East has the greatest property wealth in the country which has nearly 30% of the country fortune. The total amount here that the homes are worth is £1.65 trillion.
Top 10 Counties by Property Per Head:
- Surrey – £255,125
- Dorset – £207,220
- Buckinghamshire – £198,490
- East Sussex – £196,300
- Essex – £178,705
- Hertfordshire – £175,492
- Devon – £161,817
- Hampshire – £159,171
- Kent – £157,288
- Warwickshire – £145,431
Rental Market
These high prices can be both a blessing and a curse for sellers and buyers respectively. The prices also mean first time buyers are also more likely to have to move out of this area as it is just too expensive. These prices are also driving those who can’t afford these prices to rent properties. As there are so many potential first time buyers who cannot buy homes, the supply for rental properties is very underwhelming compared to the demand. This also forces rental prices up which is great for landlords and not so good for tenants.
One of the other factors contributing to the cost of rental properties is insurance. The cheaper the insurance, the cheaper rental prices are for tenants each month and in turn this will make homes even more desirable.