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Total value of UK homes now £4.3tn

Thursday, 9 February 2012 11:03 AM

The total value of the UK's housing stock is now £4.3tn (£4,300,000,000,000) but the last five years have seen some clear winners and losers, according to an analysis by Savills.

The property firm says relatively modest average growth of 6.4 per cent conceals big variations between locations and tenure types.

London and the South East have seen property values rise by 20 per cent and 10 per cent since 2006. They now account for 26 per cent of the housing stock but 36 per cent of the total value.

In contrast, the value of the stock in the North of England has fallen slightly and it is now worth half that of London and the South East despite accounting for around the same proportion of homes (24 per cent).

Kensington and Chelsea is London's most valuable borough, with the value of its homes rising 40 per cent over the last five years to £65bn.

The other clear winner was the private rented sector, where the value of the stock has risen by 42 per cent over the last five years and 250 per cent over the last ten to reach £480bn.

The sector now accounts for 17 per cent of all homes and 19 per cent of the value of the UK stock.

In line with that, 65 per cent of homes are now owner-occupied and are worth 73 per cent of the total. Those figures are down from 69 per cent and 79 per cent in 2006.

Lucian Cook, Savills director of residential research, said: "With ongoing mortgage constraints and different rates of economic recovery, the value gaps between North and South, and equity rich and equity poor locations is expected to increase over the next five year period."

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