London's property market is now worth more than £1.5tn, an increase of 1.54pc in the past 12 months, according to fresh figures released on Thursday.

Despite subdued house price growth in the capital over the past year, the market is more than twice as valuable as the combined worth of property assets in the next nine largest cities and towns in the UK: Birmingham, Manchester, Leeds, Bristol, Reading, Edinburgh, Nottingham, Sheffield and Glasgow.

Property portal Zoopla, which produced the figures by combining the value of all residential property in Britain’s top 10 largest cities, found that Bristol ranks as the second most valuable property market with a total value of £115bn, the only UK city, aside from London, to surpass the £100bn mark.

Glasgow, which has witnessed one of the largest growth rates of all UK cities in the past year, follows in third place with a property market value of £90.75bn, significantly higher than the total value of Scotland's capital Edinburgh, which comes sixth on the list with a total house market value of £68.27bn.