The total value of homes in Britain has risen 20 per cent – that’s £1.6 trillion – in the past five years according to Zoopla.
There’s been a sharp acceleration in value over the past year in particular, driven by soaring demand for homes and the pandemic-led search for space.
As a result, over a third of the past five years’ price growth has come in the past 12 months alone.
The total value of homes in Britain currently stands at £9.2 trillion.
The majority of this, some £8.2 trillion, is held within 23.5 million privately-owned homes, whilst a further £1 trillion is held within five million social homes.
Zoopla says sustained price growth in the housing market since 2016 has been underpinned by ultra-low mortgage rates.
Total home values in the South East have risen more than anywhere else in the past five years, including London. The value of homes in the South East has increased by £294 billion compared to £214 billion in the capital. However, whilst London only accounts for 13 per cent of British housing stock, it is responsible for a quarter of its total value.
There is a high concentration of value in some specific local authorities. For example, the value of homes in the City of Westminster and Kensington and Chelsea (£306 billion) – which cover an area of just 13 square miles – is higher than all the homes in the North West (£197 billion) and roughly the same as Wales (£308 billion).
Some 11.9m homes have registered an above average price rise (£49,000) over the last five years.
No fewer than 88 per cent of homes in Monmouthshire have risen by more than the average while Hastings and Trafford have seen 83 and 82 per cent of homes rising by £49,000 or more since 2016.
Gráinne Gilmore, head of research at Zoopla, comments: “The value of Britain’s residential property has continued to climb over the last five years, speeding up over the last 12 months as house price growth has escalated.
“The price and density of homes dictate where the largest concentrations of housing value are located, however, in some local authorities, more than two-thirds of homes have risen by more than the average.”