Why are housing prices in British cities so different from those in London?

The average house price in London is 700,000 pounds, while the average house price in other second-tier British cities is between 150,000 and 250,000 pounds. We can see that house prices in various cities in the UK vary greatly from those in London. So what's the reason?

1. Geographical location. London is one of the world's central cities and a financial center. London's economic development is faster than that of second-tier cities in the UK, so it is understandable that its housing prices are higher. Just like in my country's coastal cities, housing prices are higher than in mainland China because coastal cities are surrounded by mountains and rivers, have developed foreign trade ports, can be transported by water, and are more closely connected with the outside world. Good geographical location is one of the factors that contribute to high housing prices.

? 2. The contradiction between supply and demand. London is the largest city and capital of the UK, with a permanent population of 9.1 million. On the other hand, Manchester, a typical second-tier city in the UK, has a permanent population of only 564,000. We can see that the permanent population of London is more than ten times that of other second-tier cities. When there are more people living there, there are not so many houses. When the population and housing are not directly proportional, it causes a shortage of supply and demand. House prices are rising.

? 3. Resources. As the capital of the UK, London has the best resources. For example, in terms of education, many famous universities in the UK are gathered in London, such as UCL, KCL and IC among the G5 famous universities, as well as famous universities such as Central Saint Martins, which brings together many young talents from the world. . For example, in terms of tourism, famous attractions such as the Elizabeth Tower, Buckingham Palace, the British Museum, and Westminster Abbey are all in London. Countless people go there, which naturally brings more income to the local area. London has an absolute advantage over other second-tier cities in terms of resources, which enables London to develop faster and better in all aspects. People who buy a house must choose a place that makes life convenient and has sufficient resources, so London is more competitive and housing prices will be higher.