House prices vary widely in the United Kingdom (UK), but housing in certain cities and counties is substantially pricier than in others. Surrey, for example, concentrated four of the most expensive towns to buy a home, including Virginia Water, Cobham, and Esher. With an average house price of over one million British pounds as of June 2024, housing in these towns cost roughly four times the national average. How did house prices change since the COVID-19 pandemic? Since the start of the coronavirus (COVID-19) pandemic, demand for housing has been especially high, causing house prices to soar. Among major UK cities, the house price increase was most prominent in Belfast, where it rose by 5.5 percent in 2024. According to the UK House Price Index, the average annual house price increase on a national level was even higher. How long does it take to sell a house? With the demand for housing going strong and inventory running low, aspiring homeowners need to act faster than ever when making an offer on a home. The average number of days on market has continued shortening since the start of 2021 and was a little over a month as of October 2021. Surprisingly, selling a property took the longest in the UK’s most competitive market - London.

The gross domestic product per capita of London was ****** British pounds in 2023, far larger than that of other major cities in England, such as Manchester which had a GDP per capita of ****** pounds.

In 2023, London had a gross domestic product of over 569 billion British pounds, by far the most of any region of the United Kingdom. The region of South East England which surrounds London had the second-highest GDP in this year, at over 360 billion pounds. North West England, which includes the major cities of Manchester and Liverpool, had the third-largest GDP among UK regions, at almost 250 billion pounds. Levelling Up the UK London’s economic dominance of the UK can clearly be seen when compared to the other regions of the country. In terms of GDP per capita, the gap between London and the rest of the country is striking, standing at over 63,600 pounds per person in the UK capital, compared with just over 37,100 pounds in the rest of the country. To address the economic imbalance, successive UK governments have tried to implement "levelling-up policies", which aim to boost investment and productivity in neglected areas of the country. The success of these programs going forward may depend on their scale, as it will likely take high levels of investment to reverse economic neglect regions have faced in the recent past. Overall UK GDP The gross domestic product for the whole of the United Kingdom amounted to 2.56 trillion British pounds in 2024. During this year, GDP grew by 0.9 percent, following a growth rate of 0.4 percent in 2023. Due to the overall population of the UK growing faster than the economy, however, GDP per capita in the UK fell in both 2023 and 2024. Nevertheless, the UK remains one of the world’s biggest economies, with just five countries (the United States, China, Japan, Germany, and India) having larger economies. It is it likely that several other countries will overtake the UK economy in the coming years, with Indonesia, Brazil, Russia, and Mexico all expected to have larger economies than Britain by 2050.

In the 3 years to March 2021, black households were most likely out of all ethnic groups to have a weekly income of under £600.

FOCUSON**LONDON**2011:**POVERTY**:THE**HIDDEN**CITY

One of the defining features of London is that it is a city of contrasts. Although it is considered one of the richest cities in the world, over a million Londoners are living in relative poverty, even before the additional costs of living in the capital are considered.

This edition of Focus on London, authored by Rachel Leeser, presents a detailed analysis of poverty in London that reveals the scale and distribution of poverty in the capital.

REPORT:

Read the full report as a PDF.

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PRESENTATION:

What do we mean by living in poverty, and how does the model affect different types of families? This interactive presentation provides some clarity on a complex concept.

CHARTS:

The motion chart shows the relationship between child poverty and worklessness at borough level, and shows how these two measures have changed since 2006. It reveals a significant reduction in workless households in Hackney (down 12 per cent), and to a lesser extent in Brent (down 7 per cent).

The bar chart shows child poverty rates and the change in child poverty since 2006. It reveals that while Tower Hamlets has the highest rate of child poverty, it also has one of the fastest falling rates (down 12 per cent), though Haringey had the biggest fall (15 per cent).

Charts

DATA:

All the data contained within the Poverty: The Hidden City report as well as the data used to create the charts and maps can be accessed in this spreadsheet.

FACTS:

Some interesting facts from the data…

● Highest proportion of children in workless households, by borough, 2010

1. Westminster – 35.6%
2. Barking and Dagenham – 33.6%
3. Lewisham – 33.1%
4. Newham – 31.4%
5. Islington – 30.6%

-31. Barnet – 9.1%

-32. Richmond upon Thames – 7.0%

● Changes in proportions of workless households, 2006-09, by borough

1. Hackney – down 12.3%
2. Brent – down 7.3%
3. Tower Hamlets – down 4.8%
4. Lambeth – down 4.2%
5. Hillingdon – down 4.1%

-31. Enfield – up 5.8%

-32. Bexley – up 7.3%

● Highest reduction in rates of child poverty 2006-09, by borough:

1. Haringey – down 15.0%
2. Newham – down 12.9%
3. Hackney – down 12.8%
4. Tower Hamlets – down 12.1%
5. Southwark – down 11.5%

-31. Bexley – up 6.0%

-32. Havering – up 10.3%

London was the most expensive city for a pint of beer in the United Kingdom in 2021, where a pint of beer at a pub cost on average 4.50 British pounds in 2021. Edinburgh and Birmingham came in second and third place, where a pub beer cost on average 4.40 pounds.

75% of households from the Bangladeshi ethnic group were in the 2 lowest income quintiles (after housing costs were deducted) between April 2021 and March 2024.

United Kingdom UK: Bank Account Ownership at a Financial Institution or with a Mobile-Money-Service Provider, Richest 60%: % of Population Aged 15+ data was reported at 97.620 % in 2017. This records a decrease from the previous number of 99.490 % for 2014. United Kingdom UK: Bank Account Ownership at a Financial Institution or with a Mobile-Money-Service Provider, Richest 60%: % of Population Aged 15+ data is updated yearly, averaging 97.620 % from Dec 2011 (Median) to 2017, with 3 observations. The data reached an all-time high of 99.490 % in 2014 and a record low of 97.599 % in 2011. United Kingdom UK: Bank Account Ownership at a Financial Institution or with a Mobile-Money-Service Provider, Richest 60%: % of Population Aged 15+ data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Bank Account Ownership. Account denotes the percentage of respondents who report having an account (by themselves or together with someone else) at a bank or another type of financial institution or report personally using a mobile money service in the past 12 months (richest 60%, share of population ages 15+).; ; Demirguc-Kunt et al., 2018, Global Financial Inclusion Database, World Bank.; Weighted average; Each economy is classified based on the classification of World Bank Group's fiscal year 2018 (July 1, 2017-June 30, 2018).

This statistic shows the highest valued towns in Wales as of June 2021, by average property value in British pounds. The town of Cowbridge in the Vale of Glamorgan has the highest average property value of any town in Wales with an average house price of approximately 452,000 British pounds.

Abstract copyright UK Data Service and data collection copyright owner.

The purpose of these data is to study the social origins and residual economic worth of elite individuals in British society, 1880-1970.
Main Topics:

Variables
Sex, date of birth, elite category (e.g. Cabinet Ministers, peerage, landowners, millionaires, company chairmen), inherited title, highest created title, Government of first peerage creation, membership of Governments, primary and secondary occupations, place of secondary and higher education, religion, party afiliation, highest level of political participation, probate and land valuation, kinship with other wealth holders/other elites.
Father: elite category, title, social class, occupation, probate and land valuation, date of death.

Please note: this study does not include information on named individuals and would therefore not be useful for personal family history research.

As of 2025, the GDP per capita or gross domestic product per person was almost ****** U.S. dollars per person. The GDP per capita is derived from the country's total GDP divided by the population. The average or mean wealth per person in the United Kingdom (UK) was higher than the median or middle value of wealth per person living in the UK.

At the turn of the twentieth century, the wealthiest one percent of people in the United Kingdom controlled 71 percent of net personal wealth, while the top ten percent controlled 93 percent. The share of wealth controlled by the rich in the United Kingdom fell throughout the twentieth century, and by 1990 the richest one percent controlled 16 percent of wealth, and the richest ten percent just over half of it.

In 2023, the gross domestic product per capita in London was 63,618 British pounds, compared with 37,135 pounds per capita for the United Kingdom as a whole. Apart from London, the only other region of the UK that had a greater GDP per capita than the UK average was South East England, at 38,004 pounds per capita. By contrast, North East England had the lowest GDP per capita among UK regions, at 26,347 pounds. Regional imbalance in the UK economy? London's overall GDP in 2022 was over 508 billion British pounds, which accounted for almost a quarter of the overall GDP of the United Kingdom. South East England had the second-largest regional economy in the country, with a GDP of almost 341.7 billion British pounds. Furthermore, these two regions were the only ones that had higher levels of productivity (as measured by output per hour worked) than the UK average. While recent governments have recognized regional inequality as a major challenge facing the country, it may take several years for any initiatives to bear fruit. The creation of regional metro mayors across England is one of the earliest attempts at giving regions and cities in particular more power over spending in their regions than they currently have. UK economy growth slow in late 2024 After ending 2023 with two quarters of negative growth, the UK economy grew at the reasonable rate of 0.8 percent and 0.4 percent in the first and second quarters of the year. This was, however, followed by zero growth in the third quarter, and by just 0.1 percent in the last quarter of the year. Other economic indicators, such as the inflation rate, fell within the expected range in 2024, but have started to rise again, with a rate of three percent recorded in January 2025. While unemployment has witnessed a slight uptick since 2022, it is still at quite low levels compared with previous years.

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In 2023, there were estimated to be approximately 3,061 dollar millionaires among the adult population of the United Kingdom (UK), compared to 2,556 in the previous year.

The UK housing market continued to show significant regional variations in 2025, with London maintaining its position as the most expensive city for homebuyers. The average house price in the capital stood at 555,625 British pounds in February, nearly double the national average. However, the market dynamics are shifting, with London experiencing only a modest 1.7 percent annual increase, while other cities like Belfast and Liverpool saw more substantial growth of over nine percent respectively. Affordability challenges and market slowdown Despite the continued price growth in many cities, the UK housing market is facing headwinds. The affordability of mortgage repayments has become the biggest barrier to property purchases, with the majority of the respondents in a recent survey citing it as their main challenge. Moreover, a rising share of Brits have reported affordability as a challenge since 2021, reflecting the impact of rising house prices and higher mortgage rates. The market slowdown is evident in the declining housing transaction volumes, which have plummeted since 2021. European context The stark price differences are mirrored in the broader European context. While London boasts some of the highest property prices among European cities, a comparison of the average transaction price for new homes in different European countries shows a different picture. In 2023, the highest prices were found in Austria, Germany, and France.

This statistic illustrates the number of millionaire (HNWI, UHNWI) and billionaire individuals in the United Kingdom (UK) in selected years from 2013 to 2018 and a forecast for 2023, by wealth bracket. The high, ultra-high and billionaire's population grew steadily throughout time, with projection to increase approximately ** percent, ** percent and ** percent respectively by 2023 in comparison to 2018.

The average house price for first-time homebuyers in the United Kingdom (UK) was ******* British pounds in 2024, up from ******* British pounds the year before. All regions experienced an increase in 2024, with prices rising the most in Northern Ireland and the West Midlands. The South East and London were the most expensive regions to buy a home, with the average house prices at ******* British pounds and ******* British pounds, respectively.

As of 2022, from the almost 70 million people living in the United Kingdom (UK), 2,556 people were considered to be U.S. dollar millionaires. 2,227 UK citizens were thought to be in the top one percent of global wealth holders.

According to the Hurun Global Rich List 2025, the United States housed the highest number of billionaires worldwide in 2025. In detail, there were *** billionaires living in the United States as of January that year. By comparison, *** billionaires resided in China. India, the United Kingdom, and Germany were also the homes of a significant number of billionaires that year. United States has regained its first place As the founder and exporter of consumer capitalism, it is no surprise that the United States is home to a large number of billionaires. Although China had briefly overtaken the U.S. in recent years, the United States has reclaimed its position as the country with the most billionaires in the world. Moreover, North America leads the way in terms of the highest number of ultra high net worth individuals – those with a net worth of more than ***** million U.S. dollars. The prominence of Europe and North America is a reflection of the higher degree of economic development in those states. However, this may also change as China and other emerging economies continue developing. Female billionaires Moreover, the small proportion of female billionaires does little to counter critics claiming the global economy is dominated by an elite comprised mainly of men. On the list of the 20 richest people in the world, only one was a woman. Moreover, recent political discourse has put a great amount of attention on the wealth held by the super-rich with the wealth distribution of the global population being heavily unequal.