House Prices Are Soaring In This UK City & It's Not London

House prices in Sheffield grew faster than in any other major UK city in the last year, while properties in London grew the slowest, new figures show.

Properties in the northern town (nickname Steel City), rose by 5.63% in the last 12 months, according to property website Zoopla. Close behind were Glasgow and Manchester, where prices rose fast at a rate of 5.38% and 4.49% respectively.

Over the last 12 months the average price paid for a property in Sheffield was £185,090, compared to £638,439 in London, says Zoopla.

However, while London property prices rose at the slowest rate of the UK's top 10 major cities, the total value of properties in the north and elsewhere still pales in comparison to the value of London's property market, which is worth a staggering £1.5 trillion.

This means the combined value of properties in the capital is more more than twice that of the country's next nine largest cities combined. The second most valuable city in the UK is Bristol – home to two of the UK's "hippest" neighbourhoods – with homes worth around £115.21 billion in total, followed by Glasgow with a property market value of £90.75 billion.

Zoopla spokesman Lawrence Hall said it was "no surprise that London is significantly more valuable as a residential property market than any other British city," but that cities further north and across the Scottish border were winning in the growth stakes.

1. Sheffield - 5.63%
2. Glasgow - 5.38%
3. Manchester - 4.49%
4. Leeds - 4.2%
5. Birmingham - 4.08%
6. Edinburgh - 4.04%
7. Bristol - 3.8%
8. Nottingham - 3.69%
9. Reading - 2.37%
10. London - 1.54%

1. London - £1.506 tr
2. Bristol - £115.21 bn
3. Glasgow - £90.75 bn
4. Birmingham - £81.66 bn
5. Manchester - £80.47 bn
6. Edinburgh - £68.27 bn
7. Nottingham - £66.13 bn
8. Reading - £60.55 bn
9. Leeds - £59.05 bn
10. Sheffield - £55.69 bn