The UK property market has witnessed £250bn worth of property sales over the past year, with the richest local market located north of the Scottish border, according to analysis by Nested.

The study examined the total volume and combined value of property sales across the UK in the past 12 months, shedding light on how the market has responded to recent economic uncertainties and revealing the country’s wealthiest local markets.

Within the past year, a total of 869,560 homes were sold, amounting to a combined value of £250bn. These figures represent a decline of 23.5% in sales volume compared to the previous year, resulting in a cumulative value drop of 16.3%. This decline occurred despite a 9.5% increase in house prices during the same period.

The city of Edinburgh emerged as the most valuable local property market for estate agents over the past 12 months, with 11,295 completed sales amounting to £3.7bn. Following closely behind is Buckinghamshire, where sales reached £3.4bn, and Wandsworth in south west London, with a total of £3bn worth of homes sold in the last year.

Other notable regions with high property market values include Yorkshire (£2.5bn), Kensington & Chelsea (£2.5bn), Somerset (£2.5bn), Cornwall (£2.5bn), Belfast (£2.4bn), Birmingham (£2.35bn), and Wiltshire (£2.3bn).