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Manchester homes 'worth £64.2bn'

16/06/2008

Manchester is one of five cities in the UK with a residential property market worth more than £64 billion, it has been claimed.

London is Britain's highest-valued city, with a total residential property value of £776 billion, while the City of Manchester's housing market is worth £64.2 billion, according to property valuation website Zoopla.co.uk.

The other British cities in the top five are Glasgow, Bristol and Birmingham.

In total, UK residential property is worth £5.8 trillion, compared with last September's figure of £6.1 trillion.

"Despite the recent market downturn, it is clear that the British property market remains one of the most valuable in the world on a per capita basis," said Zoopla.co.uk boss Alex Chesterman.

According to the Land Registry, house prices in the City of Manchester rose by 3.2 per cent in April, which brought the average cost of a home to £115,687.