We all know that when it comes to British property, London is basically its own micro market, existing almost above the rest of the country all on its own. But just how influential is the market in the capital?
The majority of million pound homes across the country are in the centre of London, and during the financial downturn, it was the only area of the nation that was keeping the property market from collapsing completely.
According to a new report, the answer is very much so, with a large proportion of all property value in the UK being attributed to London alone. That probably won't come as a surprise to many people, but the proportion itself just might.
The figures released by Stirling Ackroyd has stated that some 35 per cent of all of the UK's property value exists in London. It said that residential property in the capital is now worth around £1.5 trillion, compared to just £2.24 trillion for the rest of England and £4.31 trillion for the UK as a whole.
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 30 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," the heritage report added.
Looking forward, the report also suggested that price rises and the construction of new homes in the capital will see it take up an even larger proportion of property wealth in just three years time.
By the end of 2017, it said, London residential property will account for some 40 per cent of all value, with capital homes predicted to be worth £2.1 trillion by this point.